The final 2019 dairy utilization data from USDA released this week shows that per capita conumption of milk is at an historic high of 650 pounds.
Annual dairy consumption increased by 12.4 percent from 2017 to 2109, while fluid milk, the highest priced use of milk dropped. The annual increase was driven by cheese and butter, and the longer term upward trend by cheese, butter and yogurt.
More interestingly, while loss of restaurant sales have impacted cheese, fluid milk retail sales rebounded in Q2 2020 because fewer people were going to work and thus consuming more milk at home for, it would appear, breakfast cereal. Cereal sales were up early into the pandemic and that drives milk use. In 2005/06 USDA estimated that 25 percent...
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Key Takeaways: The CME Group is launching new 90 percent Lean Beef and 50 percent Lean Beef futures and options contracts in July. There are five key factors that must be present in physical markets and futures contract specifications for futures contracts to become successful. The two l...
