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By Ryan Hanrahan, University of Illinois' FarmDoc project The United States Department of Agriculture this week raised its fiscal year 2024 agricultural export and import forecasts by $1 billion each, holding steady its estimate of a $30.5 billion U.S. ag...
Source: FCC, Graeme Crosbie Senior Economist Higher processor demand and still-low butter stocks are setting the stage for more milk production from Canadian dairy farmers in 2024. This, combined with strong culled cow/calf prices and stabilizing – though still high – input...
Source: USDA The milk production estimate for 2024 is lowered from last month; lower expected yield per cow more than offsets higher expected milk cow numbers. Wholesale price forecasts for 2024 have been increased for Cheddar cheese, dry whey, butter,...
Source: USDA news release USDA's Economic Research Service (ERS) forecasts that U.S. net cash farm income (NCFI), defined as gross cash income minus cash expenses, will decrease by $42.2 billion (25.8 percent) to $121.7 billion in 2024 in inflation-adjusted dollars....
A sharp decline in the number of dairy heifers available to replace older cows exiting the U.S. dairy herd could limit any meaningful growth in domestic milk production over the next few years. The number of dairy replacement heifers...
Source: Government of Alberta “The seasonal pattern of barley prices implies that there should have been a price recovery following harvest, but that has not been the case,” says Neil Blue, provincial crops market analyst with the Alberta government. Figure 1....
Dairy margins remained relatively flat over the second half of January except for spot Q1 which improved following a rally in nearby milk futures prices while the corn and soybean meal markets held steady. USDA estimated December Milk Production...
Source: University of Illinois, Bradley Zwilling, Illinois FBFM Association and Department of Agricultural and Consumer Economics Higher costs coupled with higher milk prices resulted in positive cash returns but continued negative economic returns for Illinois dairy producers in 2022, according...
Source: FCC As we start the new year amid elevated inflation and major headwinds facing the economy, here are our top charts to help make sense of the economic environment for farm operations, agribusinesses and food processors. Economy: Consumption slowdown, inflation...
Source: National Milk Producers Federation The November margin under the Dairy Margin Coverage (DMC) program inched up $0.14/cwt from a month earlier to $9.58/cwt, marking its first time in 2023 above the maximum $9.50/cwt Tier 1 coverage level. The monthly change was...