Record milk prices made 2022 a better year for dairy producers than seen in a while. Many factors have led to the record, but milk supplies top the list. The National Milk Producers Federation (NMPF) President and CEO Jim Mulhern say persistent milk production above year-ago levels has been the most influential aspect of U.S. dairy over the last year.
Market stability led the first six months of 2022 until Class III cheese milk and Class IV butter-powder prices diverged. And consumers have seen the results at the grocery store. Dairy products climbed 16% across the board, with butter leading the inflation equation at 27%.
But what can be expected for 2023? NMPF Vice President of Economic Policy and Market Research Peter Vitaliano says current prices should hold through the holiday season and likely fall into the new year.
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