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

U.S. beef export values reached $902.4 million in May, 3% higher than last year and the highest point since June 2023, according to USDA data compiled by the U.S. Meat Export Federation.

The latest trade reports reveal another month of poor markets with U.S. dairy product exports slipping 5% from the modest growth seen in April. Despite concerns for the relatively flat U.S. dairy export performance in 2024, cheese continues to impress. Here’s Progressive Dairy’s 30,000-foot view at dairy-related export categories.

As we flip to a new month, here's a recap of the news announced last week regarding financial assistance for dairy producers facing HPAI, as well as testing and research updates. The news also highlights new versions of the FARM Program just released, grant funding for dairy initiatives, and corn and soybean planing reports.

The USDA National Agricultural Statistics Service (NASS) released its Agricultural Prices report June 28, which includes feed costs used to calculate May Dairy Margin Coverage (DMC) program margins and indemnity payments. May’s income over feed cost was $10.52 per hundredweight (cwt), the largest margin since November 2022.

Dairy cull cows marketed through U.S. slaughter plants lowest since May 2016.

Led by New Mexico, California, Georgia, Arizona and Kansas, 16 states reduced May 2024 milk production a combined 237 million pounds compared to the same month a year ago.

The Federal Milk Marketing Order (FMMO) advanced Class I base price continues to rise, and there’s a change in the Class I mover formula impact, albeit small.