Report for September
U.S. dairy exports are on track to achieve another calendar year record in terms of percent of U.S. milk solids production exported. Indications earlier this summer that U.S. milk production would resume growing following an extended period of below year-ago levels have recently been tempered and now suggest that any resumption of production growth will likely be modest. Milk and dairy product prices have resumed strengthening in response, as export demand continues to help firm domestic markets encountering double-digit retail dairy product price inflation. Still, with higher input costs are falling margins, factors that would normally signal boom times are being tempered by uncertainties that may not be resolved in the near term.
Read the full September 2022 Dairy Report here.