Markets & Management

Numerous things happened last year after the pandemic hit full force. The shift in milk demand sent food service sales plummeting, retailers scrambling to keep dairy products in their coolers, and milk prices tumbling. That is just the dairy industry. In turn, many sectors of the U.S. economy were provided relief, including those potentially most affected by the pandemic, those who lost their jobs temporarily or permanently because of business shutdowns, those already financially in need, and small business owners like dairy farmers who experienced potentially catastrophic market crashes. Dairy farmers got perhaps the most direct payments from the government through the Coronavirus Food Assistance Program (CFAP) than at any other time in history. One dairy economist estimated that during 2020, the U.S. government inserted over $2.2 billion into the dairy economy through direct payments, dairy product purchases, and Small Business Association  programs like the Payroll Protection Program (PPP) loans. Read More