Dairy industry leaders say there are some hopeful signs right now that the milk price situation may improve.
The National Milk Producers Federation in its monthly dairy market report saying that last month, retail prices of milk, cheese and butter were all lower than a year ago. Leaders saying with that dairy futures are signaling milk prices will rapidly improve for the remaining months of this year.
They expect Dairy Margin Coverage (DMC) margins to improve as well, increasing August through October, reaching $9.50 per cwt. by December. The USDA has raised its 2024 average milk price forecast to $19.35 per cwt.
Hastings Creamery Closes
Another dairy cooperative has closed its doors, leaving several Midwest dairy farmers without a market for their milk. Hasting Creamery in Hasting, Minn., closed down officially earlier this month. Many producers want to be paid for their last milk check from the creamery but haven’t.
In early June sewer services to the creamery were cut off after they leaked thousands of gallons of milk and cream into the city’s sewer system, resulting in several permit violations. Before closing, Hastings Creamery processed 150,000 lbs. of raw milk each day and purchased it from dairy farmers in both Minnesota and Wisconsin. It has been in business for 110 years.
