December 18, 2020: October Exports

There is no doubt 2020 has been a volatile year for dairy markets. The milk price swings we have seen are unprecedented, with domestic demand a rollercoaster ride. Restaurant closures led to a loss of nearly 50% of dairy product purchases in just two weeks. The resulting shift from eating out to eating at home caused a dramatic shift in retail sales that only partially offset food service sale declines. The result was the lowest Class III and IV milk prices in over 10 years followed by the highest Class III price since the record-setting year of 2014. However, during this volatility, there have been some positives that have helped dairy farmers across the country mitigate losses. Read More