News

Global dairy markets should support U.S. prices

United States
Market & Price Trends
Published Feb 22, 2024

Tridge summary

USDA dairy economist Micheal McConnell forecasts that limited global milk production will bolster prices in 2024. He predicts slower growth in U.S. milk production and potential contraction in Europe and New Zealand, leading to tighter global dairy markets and price competition. McConnell estimates the average milk price in 2024 to be $20.95 per hundredweight, a 47-cent increase from 2023. He also foresees a drop in feed costs and improved margins in 2024.
Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

A USDA dairy economist says limited global milk production should support prices this year. Micheal McConnell with the World Ag Outlook Board says milk production in the U.S. is expected to grow at a slower pace this year as Europe and New Zealand contract. “But we’re expecting tighter global markets for dairy products, which are going to provide price support,” he says. “And as a result, we’re expecting to see a fair amount of price competition in the upcoming year as both domestic and international users compete for products that are in relatively tighter markets.” During the recent Agriculture ...
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