The June Dairy Margin Coverage (DMC) margin was announced as $3.65 per hundredweight (cwt) (Table 1) and hit a record low for the second consecutive month. Indemnities were triggered at all margin coverages ($4.00 up to $9.50 per cwt) for the first time in program history. The June Margin is $1.40 per cwt less than…
Total US milk production was down 0.1 percent in May, according to the latest USDA Milk Production Report, with 5,000 fewer head of dairy cows and 1 pound more milk per day. California’s milk production was down 1.2 percent, while Wisconsin’s was up 1 percent. Idaho and New York were both up in milk production,…
The latest USDA Livestock, Dairy and Poultry Report left 2023 farm milk productions unchanged from last month at 228.4 billion pounds for the year. Forecasts for 2024 were lowered from last month to 230.6 billion pounds, driven by a lower projected dairy herd and slower growth in milk per cow. The All-Milk price forecast for…
US dairy exports fell 13 percent year-over-year in May, with oversea shipments at the equivalent of 29,295 metric tons of milk solids. Nearly all products fell below prior-year levels. Cheese exports fell 18 percent, with US prices struggling to compete with global dairy prices right now. It was the largest year-to-year volume decline since 2015….
Further degradation of the Dairy Margin Coverage (DMC) margin continued through May. On June 30, the May DMC margin was announced as $4.83 per cwt. This represents a record low, falling 20 cents below the previous low of $5.03 per cwt set in August of 2021. Based on June 30 DMC projections, feed costs are…
After a sizable drop in the Class III futures prices from April through May, Class III futures prices continued to decline through June. Based on June 26 closing prices it appears that Class III milk price at $14.93 may close below $15 per cwt for the first month since it was $12.14 in May 2020….
US total milk production was up 0.6 percent year over year to 19.9 billion pounds in May. Production per cow was up 10 pounds, while the nation’s dairy herd was up 13,000 head to 9.43 million head. The herd size remained flat from April 2023. Six out of the eight top producing dairy states showed…
US dairy export volumes, on a milk solids basis, fell 13 percent to 185,476 MT MSE in April 2023. The decline was the worst year-to-year monthly decline in four years. The total export value in April fell 17 percent to $697.6 million. Skim milk and nonfat dry milk shipments were down 9 percent, while whole…
USDA announced the May Class III milk price at $16.11 per cwt., down $2.41 from April and $9.10 below year-ago levels. May’s Class III price is the lowest since August 2021. The Class IV price was announced at $18.10 per cwt., up 15 cents from April but down $6.89 from a year ago. Read More
The All-milk price fell to $20.70 per hundredweight, according to the USDA Ag Prices report, down 40 cents from March and $6.30 below year-ago levels. This is the lowest All-milk price since October 2021. Corn prices were announced at $6.70 per bushel, up 3 cents from last month but down 37 cents from a year…
