Fluid milk sales in 2024 are on track to exceed 2023’s; which would be the first time fluid would see a year-over-year gain since 2009. Year to date through November, total commercial use last year was above the same period in 2023 for all cheese, butter and yogurt but lower for the main dairy ingredient products.

U.S. dairy exports were lower in November, with cheese exports a bright spot on the strength of volume going to Mexico, South Korea and Japan. Growing butter imports from Ireland are raising total U.S. dairy import volumes.

Meanwhile, on production, following three months of levels above a year ago, U.S. milk production dropped in November by 1% due to an unusually large drop in milk production per cow.

The Consumer Price Index (CPI) for All Items, the benchmark for measuring overall retail price inflation, was relatively stable during the fourth quarter of 2024, as were the CPIs for all Food and Beverages and for all Dairy and Related Products, with the former averaging almost 5% higher than that for All Items and the latter averaging 14% lower.

The November monthly margin under the Dairy Margin Coverage (DMC) program was $14.29/cwt, the third highest since margin protection became the basic safety net program for dairy in 2015.