In its Dairy World Markets and Trade report, USDA estimates that collective milk production among the top-five global exporters (Argentina, Australia, the European Union, New Zealand, and the United States) will decrease by 0.7 percent in 2022. USDA expects production to stabilize next year, with year-over-year combined output among the combined exporters virtually unchanged from…
USDA’s Cold Storage Report shows butter stocks down 40 million pounds from October to just below 199.7 million pounds, marking only the second time since 2020 that inventories fell below the 200-million-pound mark. However, butter inventories were down only 4.1 percent from a year ago, the smallest year-over-year decrease since August 2021. Cheese stocks were…
Milk production across the U.S. increased year-over-year (YOY) by 1.3 percent, driven by both increased cow numbers and production efficiency. Milk production totaled 18.766 billion pounds. The national herd size increased by 38,000 (+0.4%) to 9.420 million head, while production per cow increased by 17 pounds (+0.9%) to 1,937 pounds per cow. The average lactating…
USDA increased its projection for ending corn stocks, with exports lowered by 75 million bushels due to increasing competition. With no other changes, corn ending stocks were lowered by 75 billion bushels. The season-average corn price was lowered by 10 cents to $6.70 per bushels. Soybean ending stocks were also increased due to lower exports….
The October Dairy Margin Coverage (DMC) feed cost decreased by 59 cents per hundredweight (cwt) and the U.S. all-milk price increased an unexpected $1.50 per cwt relative to September to improve the DMC margin by $2.09 to $10.71 per cwt. This represents the largest month-to-month increase in the program’s history. The October DMC margin does…
Milk production in the Oceania region was down in October, with Australia production trailing last year’s levels by 6.6 percent and the lowest October production in the last decade at 889.6 million liters. New Zealand’s production was down 2.9 percent from the previous year, with the season-to-date production levels down by 3.5 percent. These combined…
Total US milk production was up 1.2 percent to 18.85 billion pounds in October. Cow numbers were up 31,000 head from a year ago and up 1,000 head from September to 9.418 million head in the nation’s dairy herd. Production per cow was also up 17 pounds, or 0.8 percent, to 2,001 pounds for the…
Global food prices stayed flat from month to month in October, with the global Food Price Index down just 0.1 point from September to 135.9 in October, remaining 2.7 points, or 2 percent higher, than a year ago. The Food Price Index peaked in March 2022 at 159.7, falling 14.9 percent since then. The Dairy…
The US continues to send record volumes overseas, with September dairy exports up 7.7 percent from a year ago in volume. The total value of dairy exports in September was up 20.3 percent. Whey powder exports were up 20.1 percent, with US prices compared to global prices helping to boost sales. US cheese exports were…
The September Dairy Margin Coverage (DMC) margin was announced as $8.62 per hundredweight (cwt) and triggers indemnities at the $9.00 and $9.50 margin coverages. This is a 54 cents per cwt improvement compared to August, driven by a slight increase in the milk price and a more significant decline in the DMC feed cost. After…
