Bright spots in the dairy outlook are harder to find than usual at the moment. As in 2015–2019, butter is acting as the pole holding up the dairy price tent, having found a firm floor at around $2.40/lb, as certified by the current futures. This is happening in spite of what could be described as a case of raging inflation, which peaked at a 31.4 percent annual rate last November, but is now down to just 3.1 percent in May.
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