Dairy Producers Feel the Pain as Milk Prices Plunge Almost $10 Under Last Year's Record Prices
It’s June Dairy Month, but this year there’s not as much for dairy producers to celebrate. Milk prices have plummeted, and some are even having to dump milk.
After hitting a record high for Class 3 fluid milk in April 2022 at nearly $26, spot month milk futures have plunged to new contract lows, hitting $14.92 per hundred weight on June 16.
Greg Moes, with MoDak Dairy of Goodwin, South Dakota, says the milk market has been a roller coaster.
"Last year was close to almost $10 difference on the milk price, and right now we're overproducing from the processing side and the use side," he says.
By MICHELLE ROOK
June 19, 2023