Discover how U.S. dairy exports hit a record high in February 2024, despite a slow decline in milk production. Curious about the market trends? Dive in now.
Did you know that U.S. dairy exports just broke a new record in February? They hit 17.3% of U.S. milk solidsproduction equivalent, and this is happening even as our domestic use of milk in various products experienced its first monthly dip since January 2023. This intriguing data comes courtesy of Peter Vitaliano from the National Milk Producers Federation.
“The year-over-year deficit in U.S. milk production has continued to grow. February production marked a decrease of 1.3% compared to the same period last year, adjusting for the leap year,” said Vitaliano, who presented these insights during April 2024’s Dairy Management Inc./National Milk Producers Federation Dairy Market Report.
Besides these trends, the Monthly National Dairy Products Sales Report (NDPSR) and federal order Class prices have shown mostly modest increases from February to March. More good news for producers: the U.S. average all-milk price also sprung up by $0.50 per hundredweight (cwt) – taking February’s prices to a robust $20.60 per cwt.
- Record-breaking growth: U.S. Dairy exports posted a February record, scoring 17.3% of U.S. milk solids production equivalent.
- Monthly drop in domestic use: Even as exports grow, domestic use of milk in all products showed its first monthly decline since January 2023.
- Deficit in milk production: The annual shortfall in U.S. milk supply persistently expands, with February production down by 1.3% compared to a year ago, considering the leap year.
- Favorable price changes: Despite this, federal order class prices achieved modest gains from February to March, and the U.S. average all-milk price jumped by $0.50 per hundredweight.
For more information on commercial use, dairy trade, milk production, product inventories, prices and margins, view the April 2024 Dairy Market Report.
