Milk prices have been a concern for dairy farmers in 2023 and 2024, with some of the lowest margins since the Margin Protection Plan’s inception. Milk production is tightening globally, with margins down below $4 in June and July 2023. Professor Joe Outlaw, an Extension economist at Texas A&M University, believes better prices are needed due to larger dairies experiencing increased operating loans due to higher input costs and interest rates. Jackie Klippenstein, senior vice president of chief government and industry relations for Dairy Farmers of America, believes the existing Dairy Margin Coverage (DMC) scheme is effective and is considering revising certain production history statistics for the new Farm Bill. However, according to Stephen Cain, the senior director of economic research and analysis at National Milk Producer Federation (NMPF), agrees that the DMC program will not be completely overhauled, as the current output limit is five million pounds. The Farm Bill has taken a back seat in the Senate and House agriculture committees, and if not enacted by February, agriculture may have to wait two years for a new farm bill due to the election. Farmers must begin making their voices known to ensure a successful Farm Bill in the horizon.
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