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High beef prices, low milk prices speeding herd culling
by The Land
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This column was written for the marketing week ending June 16.
The U.S. Department of Agriculture lowered its 2023 milk production estimate in the latest World Agricultural Supply and Demand Estimate report, citing slower growth in milk-per-cow than previously expected. Milk output for 2024 was unchanged.
2023 production and marketings were estimated at 228.4 and 227.4 billion pounds respectively, down 200 million pounds on both from a month ago. If realized, both would be up 1.9 billion pounds or 0.8 percent from 2022.
MIELKE MARKET WEEKLY
By Lee Mielke
The 2023 Class IV average was $18.35, up a nickel from last month’s estimate, and compares to $24.47 in 2022 and $16.09 in 2021. The 2024 Class IV average was projected at $17.45, up a dime from last month’s estimate.
