The Latest: January - 2025
Heifer Shortage Slows Growth in Milk Production
With cull rates at a 16-year low, the industry was able to stabilize the dairy herd, but growth was fleeting. There were 9.351 million milk cows in the final month of 2024, just 3,000 more than in December 2023 and 9,000 fewer than there were in November.
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After rocketing higher last week, CME spot Cheddar blocks continued to soar. But, the cheese markets are likely to remain volatile.
View reportThough the bulls made headway, their progress was laborious. Each week they argued that tighter milk supplies and falling cheese inventories should lift prices. Now, the bulls are clearly in charge.
View reportFootball season has arrived, schools are back in session, and cheese demand is excellent. Output is not keeping pace. While Cheddar blocks score fresh multi-year highs, spot butter reached a milestone of a very different sort.
View reportThis weeks rise in cheese prices in an already lofty market are truly impressive. Last week’s Cold Storage report showed an astounding drawdown in cheese inventories, and the spot markets suggest that fresh supplies are tight.
View reportDespite the rough week in the dairy pits, dairy product prices and Class III values in particular will soon find their footing.
View reportThe spot markets have been buoyed by robust near-term fundamentals. However, dairy futures were far from exuberant this week and some new clouds have moved onto the horizon.
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