The December 2019 Dairy Market Report issue is now available online.
Recently reported wholesale and farm-level milk and dairy-product prices continue to be their highest since at least the beginning of 2015. Stockpiles have been down, and use up: The most recently-reported stocks of the key milk price-influencing dairy products declined from the previous month, while domestic commercial use of milk increased at a faster rate than milk and milk solids production during the most recent period. Meanwhile, exports of certain key dairy products are beginning to show increases over year-earlier levels.
Constrained growth in U.S. milk and milk solids production, combined with a recovery in global dairy product markets, are central to this long-overdue period of better milk prices.