The latest data from USDA is projecting lower milk production and higher prices, while 2018 saw record dairy exports. For more on these stories watch the AgDay video above or read the following news brief links.
Milk prices are forecast to be about $0.60 per cwt higher than originally projected by USDA in the March World Agriculture Supply and Demand Estimates report. The all milk price has been elevated from an average of $17.00 to $17.60 per cwt. The price was elevated after USDA projected less milk to be produced.
Exports of U.S. dairy were up 9% by volume in 2018 compared to the previous year, setting a record according to the U.S. Dairy Export Council (USDEC). The sales value was up 2% from 2017 reaching $5.6 billion and putting the U.S. as the largest exporter of cheese in the world.
Despite those gains exports end the year on bad note. In December, sales volume declined 21% and the value of sales fell 9%. November saw sales volume was drop 12%, while fourth quarter 2018 sales volumes ended the year down 11%.