The end of January brings the enrollment deadline for the 2023 Dairy Margin Coverage (DMC) program and milk production data to settle fourth-quarter 2022 Dairy Revenue Protection (Dairy-RP) policies.

Two years of drought have had a major impact on hay production, according to the recently released Dec. 1 hay stocks from the USDA.

Based on the most recent U.S. Drought Monitor data, the impact of drought continues to be a theme into the new year even as rains bring relief to beef cattle producers in parts of the West.

The USDA’s January World Ag Supply and Demand Estimates and Crop Production reports provide production and price forecasts.

Dairy heifer and hay export volumes were weaker in November.

The enrollment period for 2023 DMC and Supplemental DMC programs closes on Jan. 31.

The number of milk cows on U.S. farms was estimated at 9.42 million head in November, the highest number since August 2021.

With recent forecasts predicting lower milk prices and tighter dairy income margins ahead, is 2023 the year you explore dairy risk management options? 

Beef production forecast for fourth-quarter 2022 is raised by 70 million pounds on higher expected total cattle slaughter, along with slightly heavier carcass weights. Total 2022 beef production is projected at 28.4 billion pounds, an increase of nearly 2% from 2021.

Dairy heifer and hay export volumes were lower in October.