Milk prices and the Dairy Margin Coverage Program margin both broke four-month streaks of improvement in December, with DMC for the year ending with its lowest calendar-year margin since the current dairy safety net system began nearly a decade ago.
U.S. dairy exports, meanwhile, in 2023 saw the third-highest percentage of U.S. milk solids production exported ever for the full year – a noteworthy performance, though still a pace that moderated from its record-setting first quarter export percentage. Stocks of most major dairy products continued to fall in December, as milk and milk solids production growth continues below that of demand growth.
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