cheese | U.S. Milk Production Down in June; Spot Cheese, Nonfat Up

USDA pegged U.S. milk production at 18.8 billion pounds in June.

Even with a decline in WMP and SMP prices at the GlobalDairyTrade Pulse event, the CME NDM market advanced back above the $1.20-per-pound mark. Spot NDM added $0.0225 and settled at $1.2200 per pound, with nine lots exchanged. CME cheese markets also jumped higher. Spot blocks leapt 5.5 cents to end the day at $1.9300 per pound, while barrels climbed to $1.9600 per pound, 3.5 cents higher. Seven lots of blocks and one load of barrels traded.

USDA pegged U.S. milk production at 18.8 billion pounds in June. That was down 1.0% versus 2023, a bigger drop than anticipated. Ever.Ag estimates milk solids output rose 1.3% on the year. The Midwest (+1.1%) was the only major dairy region to log growth. California (-1.8%) and the Southwest (-1.9%) had the largest year-over-year decreases. The dairy herd totaled 9.335 million cows, up 2,000 head on the month, but 62,000 head below last year.

China’s dairy imports were a mixed bag in June. Inbound WMP and SMP volumes were down 29.8% and -46.5% year-over-year, respectively, while casein (-51.5%), high protein whey (-20.1%) and cheese (-2.9%) were also below prior-year levels. But butter imports jumped 20.8% compared to 2023, while whey (+6.2%) and infant formula (+5.8%) also advanced on the year.

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Topics |
cheese, milk production

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