“The biggest trend of 2022 was inflation with both milk prices and input costs setting new records,” commented Chris Laughton, Farm Credit East Director of Knowledge Exchange and the report’s author. “However, most farms saw milk prices increase to a greater extent than input costs, resulting in 2022 ranking second in terms of profitability (at least in nominal terms), in the 43-year history of the report.”
The report concludes with dairy market outlooks from prominent dairy economists who indicate uncertainty in the year ahead. Christopher Wolf, of Cornell University, discusses federal dairy policy; Rob Fox, of CoBank, covers dairy retail markets and exports; and Marin Bozic and Brian Walton explore key trends in dairy markets as well as risk management strategies for a volatile marketplace.
Farm Credit East’s Northeast Dairy Farm Summary has been the most comprehensive economic analysis of the region’s dairy industry for the last 43 years. This year’s report takes on a new format as it includes forward-looking analysis in addition to a review of the previous year’s results.
Visit FarmCreditEast.com/Dairy to download this year’s report or contact Chris Laughton at (800) 562-2235 or Chris.Laughton@farmcrediteast.com for more information.
Farm Credit East is a member-owned cooperative with 25 locations in its eight-state service area. In addition to loans and leases, the organization also offers a full range of specialized financial services, such as tax preparation, payroll, record keeping, appraisal and consulting for farming, forest products and commercial fishing businesses. Farm Credit East is governed by an 18-person board of directors, comprised of 15 customer-elected, two customer appointed and one outside appointed directors. For more information, visit FarmCreditEast.com.
Be the first to comment