Reports from CoBank Knowledge Exchange focusing on the dairy industry.
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Prices for retail butter are outpacing nearly all other goods — up 13% YTD according to the Bureau of Labor Statistics — and the worry about its impact on demand is legitimate.
The U.S. is one of the world leaders in whey production and exports. Technological advances have created new value streams beyond commodity whey. In the last 20 years, whey has been transformed from a cheese-making waste byproduct often spread on farm fields as a low-value fertilizer to a highly valuable co-product, driven by rising global consumer demand for protein.
Over the past decade, U.S. milk production has increased by an average annual growth rate of 1.5% while domestic demand has increased at a slightly slower pace.
The U.S. Dollar Index saw rapid deflation in 2020 and has coincided with a rally in commodity prices.
The pandemic in 2020 caused unprecedented market volatility in dairy prices, leading to lower milk checks for dairy producers. However, the price spread is expected to realign in the first half of 2021, bringing normalcy to producer price differentials and mailbox milk prices.
California’s 1.4 million dairy cows are the largest source of methane in the state, and the biggest concentration of dairy-related methane in the country.
Unlike other agricultural commodities, the perishability of milk requires that it be processed almost immediately after being produced. Dairy processors are faced with the challenge of handling an ever-growing supply of milk, while anticipating the right product mix to meet consumer demand.
Organic milk has experienced significant growth despite having among the highest price premiums over its conventional (non-organic) counterpart. Milk had the highest sales of any certified organic commodity in 2015 at $1.174 billion and represents about 21 percent of all agricultural organic sales.