Notable declines in both December and fourth-quarter year-over-year U.S. dairy export volumes at 1.9% and 5%, respectively, brought 2024 to a close. While falls in nonfat dry milk/skim milk powder (NFDM/SMP) were mostly to blame, there was still enough to celebrate in 2024 as export value rose to its second-highest value ever, and cheese exports in December posted their 12th consecutive year-over-year gain. Here’s Progressive Dairy’s 30,000-foot look at dairy-related export categories.

The USDA National Agricultural Statistics Service (NASS) released its Agricultural Prices report Jan. 31, 2025, which includes feed costs used to calculate the December 2024 Dairy Margin Coverage (DMC) program margins and indemnity payments. December’s margin came in at $13.38 per hundredweight (cwt), concluding a year of mostly confident margins for dairy producers.

Ten states including California, Arizona, New Mexico and Oregon reduced milk production a combined 317 million pounds in December.

Dairy cull cows marketed through U.S. slaughter plants in December lowest since 2007.

The January Feed Outlook report shows this month’s 2024-25 U.S. coarse grains outlook is for reduced supplies, as a decrease in expected corn output more than offsets gains in sorghum production. A slight bump to Sept. 1 corn stocks does little to offset the cut to production – stemming from slashed yields.

In news affecting dairy's bottom line in mid-January, the Class I base price edges higher and the GDT index is back up. However, November fluid milk sales are down compared to the same month last year.

The January World Agricultural Supply and Demand Estimates report (WASDE) showed this month’s 2024-25 U.S. corn outlook is for lower production, feed and residual use, exports and ending stocks.

The USDA’s World Ag Supply and Demand Estimates (WASDE) report offers forecasts for dairy, beef and feedstuffs.

Following a striking 7% year-over-year gain in the third quarter of 2024, fourth quarter is looking less impressive as data revealed a 9% fall in milk solid equivalents in November 2024, the second consecutive month of fewer exports.