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U.S. Milk Production Dips as Cow Numbers Decrease, Dairy Prices Exhibit Modest Gains

USA 24.06.2024
Source: The DairyNews
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The latest U.S. Milk Production report concluded a turbulent week in the dairy markets, recording a 0.9% decrease in milk production in May year-over-year, slightly under the projections of Ever.Ag.
U.S. Milk Production Dips as Cow Numbers Decrease, Dairy Prices Exhibit Modest Gains
Despite the ongoing strength in the dairy markets, this decline is unlikely to significantly impact market dynamics.

The U.S. Department of Agriculture (USDA) reported a decrease of 68,000 head in cow numbers compared to the previous year, although there was a slight increase of 5,000 cows from April to May. Regionally, Texas and New Mexico each saw an increase of 3,000 head. However, New Mexico's total remains 42,000 head lower than last year.

In terms of dairy commodity prices, the markets showed mixed responses. Following an early rally in anticipation of the Milk Production report, prices varied. Cheddar cheese blocks decreased by 0.75 cents to $1.84 1/2, while barrels dropped by a penny to $1.92. Conversely, butter prices increased by a penny to $3.09. Non-fat dry milk (NFDM) decreased by a quarter of a cent to $1.20 1/2, and dry whey was down a penny at $0.47 per pound.

Futures for Class III milk varied, with June increasing by 3 cents to $19.91, July decreasing by 2 cents to $19.75, and August falling by 2 cents to $20.57. Class IV milk futures remained stable, with prices holding at $21.15 for June, $21.35 for July, and $21.54 per cwt for August.
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