Dairy prices are offering producers a glimmer of hope as fall draws nearer. Average Class III futures are staying slightly above $18 per cwt. for the remainder of 2023. Producers have been experiencing drastically low milk prices, leading to a three-month trend of rising dairy cow slaughter numbers, with a total of 255,700 slaughtered in June.
Despite the shrinking herd, total year-to-date U.S. milk production is 0.51% higher than last year, with 13,000 fewer head. Strong production means milk prices remain mostly stagnant, waiting for a boost in demand to spur any meaningful positive change.
Read more on 2023 milk prices, demand and dairy profitability here.
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