Highlights for the June-August period include continuing annual growth in total fluid milk consumption and the opposite for production of raw milk, both unusual when compared with decades-long tends. Yogurt, butter, other than American-type cheese, and even fluid milk and total cheese all effectively showed annual per capita consumption growth during the period. The U.S. dairy industry exported more than 17% of U.S. milk solids production during three consecutive months for the first time since the fourth quarter of 2022. The monthly National Dairy Product Sales Report prices of all four basic dairy products reached their highest levels for 2024 to date in September, while the August Dairy Margin Coverage margin was the highest since margin protection became the basic federal dairy safety-net program in 2015, with continued high prices and margins expected.
See the full Dairy Market Report here.
Source: National Milk Producers Federation