February 14, 2020: Heifer Inventory

Last year’s milk price was a welcome relief compared to the previous two years. The U.S. All-Milk price for 2019 averaged $18.60 per hundredweight, the highest since 2014. After several years of low prices, 2019 was not enough time to see much expansion in the industry and total milk production only increased about 0.3% over 2018. Milk price projections for 2020 are looking even better than 2019, with the All-Milk price forecasted to average $19.25. Milk production is expected to increase by 1.7% this year. The question is, will there be enough heifers for much expansion to occur? Read More