Dairy Demand
March 2024 FMMO uniform prices inched higher
Milk class prices rose but Class IV milk pooling was still limited.
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Slower-than-expected growth in output per cow reduces milk forecast
Compared to last month, the USDA left the 2023 milk production estimate unchanged but reduced 2024 production expectations 1 billion pounds from the previous report.
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USDA cuts dairy allotment, but improves options in finalized nutrition assistance program
"This final rule cuts the amount of milk that can be purchased by up to 3 gallons per family per month."
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Exports rally after 12 months of year-over-year declines
Volume gains in U.S. dairy product exports in February gave way to improved market conditions for the first time since January 2023.
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2024 U.S. dairy exports begin with dawdling first month
Global dairy demand is stagnant and anticipated to be through the first half of the year, with the 12th consecutive year-over-year monthly decline of U.S. dairy exports in January.
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USDA milk production lower due to lower cow inventories
The 2024 milk production forecast was lowered from last month. In addition, strong demand and price strength raised cheese and butter prices, while nonfat dry milk and whey price forecasts were lowered based on recent prices.
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