Overall domestic commercial use of milk in all dairy products increased by 2.2% year-over-year during the May-July period. Exports also showed strong growth.
U.S. milk production grew by 3% during this period, while total milk solids production increased by 3.9%, as the average solids composition of producer milk continues to increase. Lower average milk prices in July from a month earlier were mostly offset by lower feed costs, resulting in a $0.16/cwt lower DMC margin of $10.94/cwt.
Retail price inflation ticked up in August as overall consumer prices rose by 2.9% from a year earlier. Dairy continued to show its inflation-fighting bonafides, with its average retail prices increasing by 1.3% from a year earlier versus 3.1% for all food and beverages.
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