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: Commodities were mostly lower across the board today after yesterday’s Federal Reserve meeting hinted at a potential interest rate hike later in 2026. The dollar index reached its highest level in over a year, and a strong dollar makes U.S. agricultural expor...
Tomorrow is the Juneteenth federal holiday, and the USDA, along with the rest of the federal government and the CME, will be closed, so the monthly Cattle on Feed report was released a day early. The total number of cattle on feed in feedlots with 1,000 head or more capacity on 1 June amounted...
