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Dairy prices building momentum

Dairy economist Corey Geiger says 2023 has been a volatile year for milk prices.

“Dairy’s fortunes started the year at a $21.60 all-milk price projection,” he says.

Strong cheese production and slowed dairy product exports last summer delivered a one-two punch to the Class III milk price, causing it to plummet to a low of $13.77 per cwt in June, Geiger explains.

“With ample cheese and strong milk production, Midwest spot loads of Class III milk bottomed out much lower than the five-year average. USDA economists revised and lowered their 2023 all-milk price projections by a whopping $2.05 per cwt by midyear,” he says.

October 16, 2023



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