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Industry News

Read coverage of current events and news affecting dairy producers and the industry.

LATEST

Meeting Aug. 1, the Federal Reserve board voted to hold off on raising interest rates again. Recent reports from Federal Reserve district banks in major agricultural regions indicate interest rates on fixed- and variable-rate loans increased (Table 1), reaching levels last seen in 2010-12.

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Dairy farmers attending a summit to explore dairy policy and marketing options overwhelmingly supported some method of milk supply management, but worried congressional action might take too long for many of them to survive.

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The USDA plans to purchase $50 million worth of fluid milk for distribution to domestic food assistance programs, the agency announced on Aug. 14. These purchases will be separate from any USDA dairy product purchases under another program designed to provide financial assistance to dairy farmers negatively impacted by the ongoing tariff war with major U.S. dairy export customers.

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Digest Highlights

  • St. Johns, Michigan, selected for cheese and whey production facility
  • California’s share of dairy exports should influence aid distribution
  • Labels, labels, labels
  • September California Class 1 prices improve
  • July global dairy price index weakens
  • USDA releases three-year Chesapeake Bay watershed action plan

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The USDA’s August World Ag Supply and Demand Estimates (WASDE) report left the outlook for 2018 milk production unchanged, but raised the 2019 forecast based on slightly higher cow numbers and increased milk per cow.

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The long-awaited launch of Dairy Revenue Protection insurance coverage will be in early October, providing dairy farmers with another tool to manage income risk in 2019.

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