The T.C. Jacoby Weekly Market Report Week Ending August 23, 2024
U.S. milk output has trailed prior-year volumes for 13 straight months. In Wednesday’s Milk Production report, USDA slashed its initial estimate of June milk output. The agency now reports a 1.7% drop in milk production during the tail end of the flush.
U.S. milk output has trailed prior-year volumes for 13 straight months. In Wednesday’s Milk Production report, USDA slashed its initial estimate of June milk output. The agency now reports a 1.7% drop in milk production during the tail end of the flush. The deficit was much narrower in July, with milk output down 0.4% year over year. But the comparison is misleading, as milk production started to retreat last July. Compared to two years ago, U.S. milk output dropped 1.5% in June and 1.4% in July, marking the steepest twoyear declines in decades. Higher component levels helped to offset some of this drop, but not all of it. While butterfat output continued to top year-ago volumes, protein and milk solids output trailed the prior year in May, June, and likely in July too. In fact, U.S. nonfat milk solids output in June 2024 was the lowest total for the month since 2020.
August 26, 2024
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