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The COVID-19 pandemic taught and continues to teach numerous lessons to those of us in the dairy industry. We found out in March 2020 that the processing and packaging part of the industry could adapt but was not very nimble in doing so.
A year ago, in the early stages of the coronavirus pandemic, leaders of Pennsylvania’s Center for Dairy Excellence (CDE) created a survey to determine what effect COVID-19 had on Pennsylvania’s dairy farmers and to get a snapshot of the dairy industry.
Modern milk price risk management has been around for more than 20 years. As we have seen in 2020, with the impact of COVID-19 on the dairy market, milk price volatility is not going away.
U.S. dairy farmers have been struggling with suppressed milk prices for nearly four years. The first part of 2019 has been better, but improved milk prices have been overshadowed by tariff and trade issues, extremely wet weather in much of the country and the length of time milk prices have been low.
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