The USDA National Agricultural Statistics Service (NASS) released its Agricultural Prices report Aug. 30, which includes feed costs used to calculate the July Dairy Margin Coverage (DMC) program margins and indemnity payments. July’s margin was $12.33 per hundredweight (cwt).

To date in 2024, total dairy exports are valued at $5.9 billion with the fiscal year-end forecast at $8 billion.

Futures prices for milk and feed are looking favorable for dairy producers with the fourth quarter of 2024 on the horizon. At the time of this report, the all-milk price forecast was at a staggering $25.06 per hundredweight (cwt) for September and feed costs were at $10.27 per cwt, the lowest since 2020.

Several big initiatives are making headlines. Here is the latest news affecting dairy producers across the country.

Healthy growths in cheese and whey sales buoyed U.S. dairy product exports in June as nonfat dry milk and skim milk powder, lactose and milk protein concentrates took hits. At the midpoint of 2024, U.S. dairy product exports were down 1.7% in milk solids equivalent. Here’s Progressive Dairy’s 30,000-foot view at dairy-related export categories.

The USDA National Agricultural Statistics Service (NASS) released its Agricultural Prices report July 31, which includes feed costs used to calculate June Dairy Margin Coverage (DMC) program margins and indemnity payments. June’s margin was $11.66 per hundredweight (cwt).

Margin outlook has significantly improved from a few months ago as sustained high cheese and butter prices drive milk prices higher and lower feed costs all contribute to the positive outlook.

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 winter retreated this year, my 5-year-old son made a peculiar observation as we drove through the countryside on our way into town. He said, “Look at all the crops growing in the fields. I don’t remember seeing a planting tractor though.”