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...
What You Need to Know Today: Russia rejected calls for a ceasefire in the Black Sea, including a proposal to halt attacks on civilian shipping that could help restore grain flows from Ukrainian ports. Tyson Foods announced plans to permanently close its Joslin, Illinois, beef processing facili...
The big news in the cattle markets yesterday was Tyson Foods’ move to close two more beef plants. One of them, the Joslin, Illinois, plant was shuttered immediately after the announcement. The other, in Eagle Mountain, Utah, is a case-ready plant that does not slaughter cattle. Tyson also...
The Bureau of Labor Statistics (BLS) released the Consumer Price Index (CPI) on Wednesday. In July, the CPI rose 0.1 percent, seasonally adjusted, and rose 3.4 percent over the last 12 months, not seasonally adjusted. The index for all items less food and energy, or the “core” infla...