U.S. trade and dairy organization leaders expressed disappointment in the ruling.

May-July U.S. agriculture trade deficit is likely the largest in history.

There are limited expectations for an improved outlook for dairy product exports in the third quarter and lasting through the end of 2023.

On a milk solids equivalent, April 2023 dairy product exports had their worst year-over-year decline in four years.

Not all of the dairy economic news is cloudy: The U.S. dairy industry grew significantly over the past two years, adding jobs, increasing wages and boosting its total impact on the U.S. economy.

On a milk solids equivalent, March 2023 dairy product exports fell below the same month a year earlier, ending an 11-month streak of year-over-year gain.

Compared to last month, the USDA raised the U.S. milk production estimate for 2023 slightly, but also raised Class III and all-milk price forecasts.

While still historically low, February 2023 exports of most U.S. hay products rebounded slightly from January.

• February FMMO milk class prices back to 2021 levels
• Global dairy product prices declined in February
• Dairy margins ended February modestly higher
• RaboResearch: The dairy squeeze is on