Tridge summary
U.S. dairy exports experienced a 7% decline in March compared to the previous year, despite a 20% increase in cheese shipments. Mexico continues to be a significant market for U.S. cheese, marking its 33rd consecutive month of year-over-year growth. However, exports of low-protein whey and nonfat dry milk/skim milk powder saw decreases, offsetting the gains in cheese and high-protein whey exports. The Cooperatives Working Together (CWT) program is actively gathering information to update its program to better meet member needs. Dairy heifer and embryo exports also saw increases in March. Hay exports to China and South Korea experienced significant growth in March. The trade balance continued to show a deficit in March, with a larger deficit compared to the same month the previous year. The Global Dairy Trade price index increased by 1.8% in its May 7 auction, with Cheddar cheese seeing the largest price increase at 8%.
Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.
Original content
Despite climbing U.S. cheese shipments in March, U.S. dairy exports fell into the red with a 7% slip from a strong year-over-year performance in February. Here’s Progressive Dairy’s 30,000-foot view at dairy-related export categories. Mexico proves to be reliable cheese customer March’s U.S. dairy export performance could not keep up with the strong markets of February, falling 7% compared to March 2023. Additionally, total milk solids equivalent exports were down 3.1% in the first quarter of 2024 for a grim 10% decline in U.S. export value compared to the year prior at just over $2 billion. However, much like February, cheese sales surged. U.S. cheese shipments jumped 20% in March to 50,222 metric tons of product, becoming the first time product export volume surpassed 50,000 metric tons in a single month. Mexico continues to demand cheese product with shipments up 8%, adding to an unheard of 33-month streak of year-over-year gains for exports to that country. As noted in the ...
Source: Progressivedairy
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