Holy cow! Milk supplies overwhelm US dairies - Daily Republic
Agri-Mark, a 1,200-dairy cooperative in New England that had $1. 1 billion of sales last year, started pouring skim milk last month into holes used for livestock manure. While having small amounts of milk spoil or go unsold isn't unusual, Northeast dairies dumped 31 percent more this year through May than the same period of 2014, government data show. Domestic output in May reached 18. 4 billion pounds, the most in any month, and is on pace to reach a record 208. 7 billion pounds this year, the U. S. Department of Agriculture said June 18. Globally, production will rise 2. 1 percent to a record... Global dairy prices have dropped 39 percent from an all- time high in February 2014 and are the lowest in five years, United Nations data show. In Chicago, benchmark Class III milk futures, used in cheese making, are down 36 percent to $16. 23 per 100 pounds from a record $25. 30 in September. The animals are producing 3 percent more milk than last year. Demand remains strong, with Americans eating more dairy products than ever, especially cheese and butter, said Bill Brooks, a Dearborn, Missouri-based dairy economist at INTL FCStone. Source: www.mitchellrepublic.com
