DAIRY MARKET REPORT VOLUME 27 | ISSUE 10
10/23/2024
OVERVIEW Highlights for the June-August period include continuing annual growth in total fluid milk consumption and the opposite for production of raw milk, both unusual when compared with decades-long tends. Yogurt, butter, other than American-type cheese, and even fluid milk and total cheese all effectively showed annual per capita consumption growth during the period. The U.S. dairy industry exported more than 17% of U.S. milk solids production during three consecutive months for the first time since the fourth quarter of 2022. The monthly National Dairy Product Sales Report prices of all four basic dairy products reached their highest levels for 2024 to date in September, while the August Dairy Margin Coverage margin was the highest since margin protection became the basic federal dairy safety-net program in 2015, with continued high prices and margins expected.
COMMERCIAL USE OF DAIRY PRODUCTS August total fluid milk consumption was 1.6% higher than in August 2023, while year-to-date fluid milk consumption through August was up by 0.7% from the same period a year earlier. Domestic consumption of yogurt, butter, other than American-type cheese, and even fluid milk and all cheese increased more rapidly than U.S. population, which rose 0.57% over the same
DOMESTIC COMMERCIAL USE
period. The rapid rise in the component composition of raw farm milk is evident in the difference between the 1.5% year-over-year loss in milk equivalent, total milk solids basis, of domestic commercial use of all dairy products during June-August and the smaller corresponding loss of just 0.5% when measured as total milk solids consumption itself.
JUN-AUG 2024
JUN-AUG 2023
2023-2024 CHANGE
PERCENT CHANGE
(million pounds) Total Fluid Milk Products
10,201
10,102
99
1.0%
Yogurt
1,227
1,174
53
4.5%
Butter
567
546
22
3.9%
American-type Cheese
1,383
1,399
-16
-1.1%
All Other Cheese
2,012
1,961
51
2.6%
Total Cheese
3,395
3,360
35
1.0%
Dry Skim Milk
102
206
-104
-50.3%
All Products (milk equiv., milkfat basis)
56,355
56,714
-359
-0.6%
All Products (milk equiv., skim solids basis)
45,544
46,489
-945
-2.0%
All Products (milk equiv., total solids basis)
48,926
49,649
-723
-1.5%