CME: December Milk Production +2.5%

US - Milk futures continued to erode, with FEB-SEP dropping 11¢. Butter futures were off as well, writes Alan Levitt.
calendar icon 24 January 2012
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Dairymen expanded in December. Milk production in the 50 states was estimated at 16.559 billion lbs. last month, up 2.5 per cent from the prior year, according to USDA’s “Milk Production” report released this afternoon (see chart).

Cow numbers were 9.221 million lbs., up 12,000 head from November. Production per cow was 57.9 lbs. per day, up 0.9 lbs. (+1.6 per cent) from a year earlier. For the year, US milk production was a record high 196.2 billion lbs., up 1.8 per cent from 2010’s total.

Fonterra reported record-high exports of 246,000 tons in December, about 17 per cent more than a year earlier.

Favourable weather in the 2011/12 season “helped create a wave of milk up about 10 per cent on a daily basis during the peak flow in late September through to November,” said Gary Romano, Fonterra’s trade and operations managing director.

Southeast Asia, China, the Middle East and North Africa continue to drive export growth, the company said.

CWT accepted bids to provide export assistance on sales of 4.0 million lbs. of cheese for delivery through June. CWT-assisted exports have averaged about 3.3 million lbs./month since May 2010.

Further Reading

- You can view the full report by clicking here.

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