Report for December

Reviewing 2018, the year began on a relatively promising note, with dairy exports starting off at a pace that would have set a record for the whole year. But the mid-year onset of the tariff wars with China and Mexico, followed by an uncharacteristic weakness in cheese consumption, weighed heavily on milk prices. By year’s end, futures markets reflected greater optimism about the coming year, particularly for cheese prices. Meanwhile, a new farm bill in which dairy saw the biggest gains of any commodity significantly strengthened the federal dairy safety net.

Source: Farm Service Agency
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