DAIRY MARKET NEWS PRICE SUMMARY FOR FEBRUARY 8 - 12, … · 2/12/2021 · milk (NDM) prices were...

DAIRY MARKET NEWS WEEK OF FEBRUARY 8 - 12, 2021 VOLUME 88, REPORT 6

DAIRY MARKET NEWS AT A GLANCE

TABLE OF CONTENTS

Product Highlights/CME/DMN at a Glance 1 Weekly CME Cash Trading/Butter Markets 2 Cheese Markets 3 Fluid Milk and Cream 4 Nonfat Dry Milk/Dry Buttermilk/Dry Whole Milk 5

Dry Whey/WPC 34%/Lactose/Casein 6 U.S Dairy Cow Slaughter/Class Milk Prices/NDPSR/Futures 7 Organic Dairy Market News 8 February Supply and Demand Estimates 9 January CPI 11

Dairy Graphs G1 National Retail Report – Dairy Dairy Market News Contacts

CME GROUP CASH MARKETS (2/12) BUTTER: Grade AA closed at $1.3950. The weekly average for Grade AA is $1.3135 (+0.0455). CHEESE: Barrels closed at $1.4900 and 40# blocks at $1.5575. The weekly average for barrels is $1.4980 (+0.0705) and blocks, $1.6025 (+0.0215). NONFAT DRY MILK: Grade A closed at $1.1125. The weekly average for Grade A is $1.1200 (-0.0020). DRY WHEY: Extra grade dry whey closed at $0.5425. The weekly average for dry whey is $0.5400 (+0.0050). CHEESE HIGHLIGHTS: Cheesemakers relay they are somewhat shocked that milk remains as available moving into mid-February. During week 6 over the past two years, the spot milk low reached $3 under Class, while also reaching flat Class. This week, the low was $8.50 under and the high was $4 under Class. Spot milk offers were reportedly a little quieter, and some contacts who said they were paying $5 to $6 under in previous weeks reported $4 under. Demand notes were somewhat positive as cheese prices have decreased over the past couple weeks. Also, some COVID-19 restrictions easing in some areas have been beneficial to buyers. Still, food service demand remains steadily lackluster. Inventories are reported from balanced to growing nationwide. Cheese market tones are mixed. BUTTER HIGHLIGHTS: With affordable cream available in every region, butter churning remains full bore throughout the United States. Eastern contacts report actively churning salted and unsalted varieties. Some Midwestern contacts reported some hauling related issues due to inclement weather, but most producers are running smoothly. Even with ample and growing stocks, butter plant managers expect some bullishness two weeks ahead of the "new crop" butter rule on the CME. Demand notes are generally unchanged: retail customers remain steadfast, while food service orders struggle to improve week to week. Butter market tones are showing some signs of life this week, after a notably weak early February. FLUID MILK: Central milk production increases have been slowed by extremely cold temperatures. There is widespread concern with cow health and comfort. However, there is enough milk, coupled with lower Class I demand, that discounts as low as $8.50 under Class are available. Western milk production is strong and rising, with some milk being diverted to calf ranches. Eastern milk volumes are meeting processing needs. Ice cream production is increasing, and butter churning is active. Weather caused some hauling disruptions in the Mid-Atlantic and Central regions. F.O.B. cream multiples are 1.18-1.24 in the East, 1.17-1.24 in the Midwest, and 1.00-1.21 in the West.

DRY PRODUCTS: Low/medium heat and high heat nonfat dry milk (NDM) prices were lower in the Central/East regions, as well as all West prices, except the bottom of the high heat price range. Production is busy or strong in all regions. Buttermilk powder prices were steady to lower in the Central and East, while West prices were stable on the mostly, with the price range expanding. Dry whole milk process are steady on a quiet market. Dry whey prices are steady to higher in all regions. Markets are bullish. Exports have been active but temporarily slowed due to Southeast Asia beginning the Lunar New Year holiday. The whey protein concentrate 34% price range is unchanged, but both ends of the mostly price series increased. The bottom of the lactose price range advanced but remaining prices are unchanged. Acid casein and rennet casein prices are steady. ORGANIC DAIRY MARKET NEWS: Organic dairy producers are awaiting information as to whether a large national organic dairy cooperative will adjust organic milk pay prices. Typically, a decision is made early in a year. According to a national organization representing organic dairy producers, pending a 2021 adjustment, the 2020 farmgate pay price as a national year around average remains in effect at $31.55 per cwt. The 2020 range was a low of $27.13 and a high of $31.42, depending on the month. As a historical comparison, it is noted that in 2009 the average pay price was $27.13 and in 2012 it was $31.70. NATIONAL RETAIL REPORT (DMN): Total conventional dairy ads decreased by 15 percent, while organic dairy ads increased by 26 percent. The most advertised dairy item this week is conventional 48 to 64-ounce containers of ice cream. The national weighted average price is $2.98, down 1 cent from last week. The national weighted average advertised price for conventional 1-pound butter is $3.23, 19 cents higher than last week. The second most advertised dairy item, conventional 8-ounce shred cheese, has an average price of $2.56, up 14 cents from last week.. The national weighted average advertised price for conventional Greek yogurt in 32-ounce containers is $4.35, down 23 cents from last week. Organic 32-ounce containers of Greek yogurt have a national weighted average advertised price of $6.99. The national weighted average advertised price for conventional half gallon milk is $1.40, down 68 cents from last week. The national weighted average advertised price for organic half gallons is $3.79, down 15 cents from last week. Organic half gallon milk was the most advertised organic dairy item, followed by organic gallon milk.

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Commodity Commodity CommodityNDM BUTTERMILK LACTOSE

Central Low/Med. Heat 1.0500 1.1600 1.1300 1.1500 Central/East 1.0300 1.1175 Central/West 0.3100 0.5500 0.3650 0.4600

Change -0.0500 -0.0600 -0.0150 -0.0200 Change N.C. -0.0075 Change 0.0100 N.C. N.C. N.C.

Central High Heat 1.1875 1.2600 West 1.0400 1.1400 1.0600 1.0900 WPC 34%

Change -0.0075 -0.0400 Change -0.0100 0.0300 N.C. N.C. Central/West 0.9500 1.1575 0.9900 1.0300

West Low/Med. Heat 1.0500 1.1825 1.1200 1.1600 WHEY Change N.C. N.C. 0.0050 0.0150

Change -0.0500 -0.0100 -0.0300 -0.0200 Central 0.4800 0.5400 0.4950 0.5200 CASEIN

West High Heat 1.2600 1.2950 Change N.C. N.C. N.C. 0.0100 Rennet 3.6050 3.6875

Change N.C. -0.0100 West 0.4800 0.5500 0.5000 0.5300 Change N.C. N.C.

DRY WHOLE MILK Change 0.0075 N.C. 0.0100 0.0050 Acid 3.6425 3.9500

National 1.5700 1.7000 Northeast 0.4900 0.5525 Change N.C. N.C.

Change N.C. N.C. Change 0.0200 0.0175 ANIMAL FEED WHEY

Central 0.3700 0.4100

Change 0.0100 N.C.

DAIRY MARKET NEWS PRICE SUMMARY FOR FEBRUARY 8 - 12, 2021PRICES ($/LB) & CHANGES FROM PREVIOUS PUBLISHED PRICES

Range Mostly Range Mostly Range Mostly

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FEBRUARY SUPPLY AND DEMAND ESTIMATES (WASDE): The 2020 milk production, trade, and stock estimates are adjusted to reflect December data. For 2021, the milk production forecast is raised from last month, primarily on higher dairy cow numbers. The 2021 fat basis import forecast is raised on higher expected imports of cheese and butterfat products, while exports are raised on higher shipments of butterfat. On a skim-solids basis, the import forecast is unchanged while the export forecast is raised, reflecting expectations of strong international demand. Annual product price forecasts for cheese and butter are lowered from the previous month on current prices, increased production, and larger stocks. Nonfat dry milk (NDM) and whey price forecasts are raised from last month on firm demand. The Class III price is reduced on the lower cheese price forecast and the Class IV price is also reduced, reflecting a lower butter price forecast. The 2021 all milk price forecast is reduced to $17.15 per cwt. JANUARY CONSUMER PRICE INDEX (BLS): The Consumer Price Index (CPI) for the all food category is 270.9, up 3.8 percent from 2020. The dairy products index is 231.5, up 3.8 percent from a year ago. The following are the January 2020 to January 2021 changes for selected products: fresh whole milk is +4.7 percent; cheese, +4.5 percent; and butter, -2.6 percent.

WEEK OF FEBRUARY 8 - 12, 2021 DAIRY MARKET NEWS VOLUME 88, REPORT 6

DAIRY MARKET NEWS AT A GLANCE

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DAIRY MARKET NEWS, FEBRUARY 8 - 12, 2021 -2- VOLUME 88, REPORT 6

NORTHEAST Butter production is active in the East. Butter makers are churning both salted and unsalted varieties. Butter inventories remain at higher levels in the region. Snow, sleet and rain have disrupted some hauling routes. Manufacturers are concerned about weather disruptions, although there are little to no reports of milk/cream delays at this time. Domestic demands are fairly steady. There is an uptick in demand from export markets. Bulk butter prices range 3 - 8 cents over the CME, with various time frames and averages used. Food service sales are stable for the near term. Retail sales are reportedly healthy. Prices for: Eastern U.S., All First Sales, F.O.B., Grade AA, Conventional, and Edible Butter Bulk Basis Pricing - 80% Butterfat $/LB: +0.0300 - +0.0800 Secondary Sourced Information: This week, a cooperative export assistance program accepted requests for export assistance to sell 1.990 million pounds (903 metric tons) of butter.

CENTRAL

Butter churning is running wide open. As has been the case since the fall, cream availability is notably ample. There were some reports of weather related transportation issues in the Midwest and Mideastern area. Mostly, though, trucking was reported as smooth from butter cooperators in the region. Cream multiples, at midweek, are similar to last week's. Some butter contacts reported January numbers were lackluster, particularly due to food service demand, or lack thereof. Retail sales continue to help assist the ailing food service industry. Bulk butter contracts for the remaining three quarters of the year are being worked out. Butter market tones are aquiver. "New crop" butter trades after the first of March tend to assist market tones, but storage reports and notably accessible cream across the regions have created growing concerns for short and longer term market tones. Prices for: Central U.S., All First Sales, F.O.B., Grade AA, Conventional, and Edible Butter Bulk Basis Pricing - 80% Butterfat $/LB: +0.0075 - +0.0500

WEST

Western butter makers are actively churning with the abundant cream supplies available to them. Even though butter inventories are heavy, manufacturers do not seem concerned with adding to their butter stocks. Some contacts expect a bump in price and demand when the new crop of butter must be offered to the market. Cream multiples are favorable for making butter in lieu of some other dairy products. Ice cream production is picking up but has yet to push cream multiples much higher. A few butter manufacturers are offering cream to other processors at higher multiples. So far, those processors are finding other sources for cream. At the current price levels, butter buyers are more interested in making buys, in some cases, to cover their butter needs for later in the year. Industry contacts say retail demand has perked up a bit with the low current prices. Food service butter demand, however, continues to languish. Prices for: Western U.S., All First Sales, F.O.B., Grade AA, Conventional, and Edible Butter Bulk Basis Pricing - 80% Butterfat $/LB: 0.0000 - +0.0750

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BUTTER MARKETS

NOTICE: Five days of trading information can be found at www.cmegroup.com/trading/agricultural/spot-call-data.html

Prices shown are in U.S. dollars per lb. in carlot quantities. Carlot unit weights: CHEESE, 40,000-44,000 lbs.; NONFAT DRY MILK, 41,000-45,000 lbs.; BUTTER, 40,000-43,000 lbs.;DRY WHEY, 41,000-45,000 lbs. Weekly Change is the sum of Daily Price Changes. Weekly Average is the simple average of the Daily Cash Close prices for the calendar week. Weekly Average Change is the difference between current and previous Weekly Average. Computed by Dairy Market News for informational purposes. This data is available on the Internet at WWW.AMS.USDA.GOV/MARKET-NEWS/DAIRY

COMMODITY MONDAY FEB 8

TUESDAY FEB 9

WEDNESDAY FEB 10

THURSDAY FEB 11

FRIDAY FEB 12

:: WEEKLY CHANGE

:: WEEKLY AVERAGE

CHEESE

BARRELS $1.5000 (N.C.)

$1.5000 (N.C.)

$1.5000 (N.C.)

$1.5000 (N.C.)

$1.4900 (-0.0100)

:: ::

(-0.0100)

:: ::

$1.4980 (+0.0705)

40 POUND BLOCKS $1.6650 (+0.0250)

$1.6275 (-0.0375)

$1.5700 (-0.0575)

$1.5925 (+0.0225)

$1.5575 (-0.0350)

:: ::

(-0.0825)

:: ::

$1.6025 (+0.0215)

NONFAT DRY MILK

GRADE A $1.1250 (+0.0050)

$1.1300 (+0.0050)

$1.1200 (-0.0100)

$1.1125 (-0.0075)

$1.1125 (N.C.)

:: ::

(-0.0075)

:: ::

$1.1200 (-0.0020)

BUTTER

GRADE AA $1.2800 (+0.0125)

$1.2875 (+0.0075)

$1.2800 (-0.0075)

$1.3250 (+0.0450)

$1.3950 (+0.0700)

:: ::

(+0.1275)

:: ::

$1.3135 (+0.0455)

DRY WHEY

EXTRA GRADE $0.5350 (N.C.)

$0.5400 (+0.0050)

$0.5400 (N.C.)

$0.5425 (+0.0025)

$0.5425 (N.C.)

:: ::

(+0.0075)

:: ::

$0.5400 (+0.0050)


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CONTINUED FROM PAGE 2

DAIRY PRODUCTS REPORT – BUTTER SUMMARY Released February 4, 2020, by the National Agricultural Statistics Service (NASS), Agricultural Statistics Board, United States Department of Agriculture (USDA). Butter Production – States and United States: December 2019 and 2020 Monthly Production (1000 pounds) Percent Change from DEC NOV DEC DEC NOV Region 2019 2020 2020 2019 2020 United States 183,774 173,175 205,533 11.8 18.7 Atlantic 19,238 14,816 17,793 -7.5 20.1 Central 69,264 68,252 83,629 20.7 22.5 West 95,272 90,107 104,111 9.3 15.5 California 55,582 54,242 61,619 10.9 13.6 Butter Production – Cumulative Production January - December Cumulative Production Percent Change (1000 pounds) from Report Month 2019 2020 2019 DEC 1,994,075 2,125,257 6.6 2020 U.S. BUTTER AND MILKFAT EXPORTS (USDA-FAS) 2020 Exports % Change From (Million Lb.) 1 Year Ago December 8.3 +118 TOTAL, JAN – DEC 57.7 + 6 Exports – Destination Country 1 Canada 20.3 - 2 2 Saudi Arabia 8.7 +148 3 Mexico 8.0 - 8 4 South Korea 4.0 - 18 5 Bahrain 3.8 +561 2020 U.S. BUTTER AND MILKFAT IMPORTS (USDA-FAS) (Imports for Consumption) 2020 Imports % Change From (Million Lb.) 1 Year Ago December Imports Total Butter, Fats, Milk (H.S. Code 0405) 11.7 + 19 Butter Quota (H.S. Code 405101000) 0.4 - 73 Over Quota (H.S. Code 405102000) 3.5 +173 AMF Quota (H.S. Code 405901020) 1.8 - 47 Over Quota (H.S. Code 405902020) 0.2 - 89 Other Milk Fat 5.7 +214 2020 Imports % Change From (Million Lb.) 1 Year Ago TOTAL, JAN – DEC 142.1 + 6 Imports – Country of Origin 1 Ireland 68.1 + 1 2 India 21.8 + 63 3 Mexico 16.5 - 24 4 New Zealand 10.2 + 7 5 Canada 6.9 +218

DAIRY MARKET NEWS, FEBRUARY 8 - 12, 2021 VOLUME 88, REPORT 6

CHEESE MARKETS

NORTHEAST

Northeast cheese makers continue to receive heavy milk volumes for strong cheese production. There are reports snow, sleet and rain have disrupted some hauling routes. Manufacturers are concerned about weather disruptions, although there are little to no reports of milk delays. Cheddar cheese operations are working on full production schedules. In addition, mozzarella and provolone output rates are fairly strong. Manufacturers’ inventory levels are stable. Market par-ticipants report fresh supplies are growing in the region. Retail sales continue to be stable. Foodservice sales remain fairly unchanged. Educational institutions’ cheese orders remain steady at this time in the school year. Cheddar cheese spot market trading activities are a bit slow. There are several buyers not purchasing on the spot market. Cheese markets are mostly unchanged.

WHOLESALE SELLING PRICES: DELIVERED DOLLARS PER POUND(MIXED LOTS (1000-5000 POUNDS))

Cheddar 40 pound Block 2.0325-2.3200 Muenster 2.0200-2.3700 Process American 5 pound Sliced 1.5275-2.0075 Swiss 10-14 pound Cuts 4.0650-4.3875

MIDWEST

Milk remains widely available for cheese production in the Midwest. Spot milk prices are already reaching last week's lows, although some higher prices were reported, as well, but still notably discount-ed. Some cheddar producers say that retail cheese demand remains steadfast, and numbers have improved from last year during this time period. As more cities relax COVID-19 restrictions, customers are beginning to open up. Additionally, customers are more apt as cheese prices remain in or around the $1.50 to $1.60 range. Cheesemakers, who report being surprised at the current availability of spot milk, are active regarding production. Cheese market tones remain in question, as block prices continue to slide down toward barrel prices. That said, contacts note the closer the price gap between blocks and bar-rels is, the better for a stable market.

WISCONSIN WHOLESALE SELLING PRICES: DELIVERED DOLLARS PER POUND(MIXED LOTS (1000-5000 POUNDS))

Blue 5 pounds 2.2175-3.2850 Brick 5 pounds 1.9475-2.3725 Cheddar 40 pound Block 1.6700-2.0700 Monterey Jack 10 pounds 1.9225-2.1275 Mozzarella 5-6 pounds 1.7475-2.6925 Muenster 5 pounds 1.9475-2.3725 Process American 5 pound Loaf 1.5125-1.8725 Swiss 6-9 pound Cuts 3.5800-3.6975

WEST

With lots of inexpensive milk, western cheese production is active, but stable. Industry contacts report inventories for many varieties of cheese are growing. Retail demand has increased as block prices have scaled back. Buyers in domestic and international markets seem more willing to take on cheese orders with the lower prices. Howev-er, food service demand is still lackluster, even though restrictions on dining establishments are easing. Restaurant market channels that have a strong take out part are more immune to the weaker market demand than traditional seated dining restaurants.

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WHOLESALE SELLING PRICES: DELIVERED DOLLARS PER POUND(MIXED LOTS (1000-5000 POUNDS))

Cheddar 10 pound Cuts 1.9075-2.1075 Cheddar 40 pound Block 1.6600-2.1500 Monterey Jack 10 pounds 1.8950-2.1700 Process American 5 pound Loaf 1.5300-1.7850 Swiss 6-9 pound Cuts 3.8725-4.3025

FOREIGN TYPE

The largest share of foreign cheese imports to the United States is from the EU and Switzerland. Production in those countries is trend-ing higher. United States imports from those countries is trending slightly lower, but the magnitude of imports at current volumes will remain weighted toward Europe. Internal EU food service demand has been increasing, reversing the early 2020 pattern as COVID-19 lock-downs were first imposed. Moreover, cheese export demand from Asia is increasing. All of this keeps upward pressure on European cheese pricing. Market conditions are considered firm.

WHOLESALE SELLING PRICES: FOB DISTRIBUTORS DOCK DOLLARS PER POUND (1000 - 5000 POUNDS, MIXED LOTS)

: NEW YORK VARIETY : IMPORTED : DOMESTIC : : Blue : 2.6400-5.2300 : 2.0400-3.5275* Gorgonzola : 3.6900-5.7400 : 2.5475-3.2650* Parmesan : -0- : 3.4275-5.5175* Romano : -0- : 3.2300-5.3850* Sardo Romano (Argentina) : 2.8500-4.7800 : -0- Reggianito (Argentina) : 3.2900-4.7800 : -0- Jarlsberg : 2.9500-6.4500 : -0- Swiss : -0- : 4.1000-4.4250* Swiss (Finland) : 2.6700-2.9300 : -0- * = Price change.

COLD STORAGE

WEEKLY COLD STORAGE HOLDINGS - SELECTED STORAGE CENTERS

IN THOUSAND POUNDS - INCLUDING GOVERNMENT STOCKS

: BUTTER CHEESE 02/08/2021 : 58119 : 85449 02/01/2021 : 56492 : 84788 CHANGE : 1627 : 661 % CHANGE : 3 : 1



CHEESE MARKETS

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Dairy Products Report – Cheese Summary

Released on: February 4, 2021

by the National Agricultural Statistics Service (NASS), Agricultural Statistics Board, United States Department of Agriculture (USDA).

Cheese Production – United States: December 2019 and 2020

Monthly Production (1000 pounds) Percent Change from Total Cheese 1

DEC NOV DEC DEC NOV Region 2019 2020 2020 2019 2020

United States 1,122,546 1,099,606 1,127,679 0.5 2.6

Atlantic 136,795 133,208 137,143 0.3 3.0

Central 508,067 514,151 524,799 3.3 2.1

West 477,684 452,247 465,737 -2.5 3.0

Monthly Production (1000 pounds) Percent Change from

American Cheese 2 DEC NOV DEC DEC NOV Region 2019 2020 2020 2019 2020

United States 456,378 448,192 461,073 1.0 2.9

Atlantic 28,319 28,039 28,819 1.8 2.8 Central 230,451 226,487 232,619 0.9 2.7

West 197,608 193,666 199,635 1.0 3.1

Monthly Production (1000 pounds) Percent Change from

Italian Cheese DEC NOV DEC DEC NOV Region 2019 2020 2020 2019 2020

United States 483,331 457,640 484,736 0.3 5.9

Atlantic 58,942 58,899 61,561 4.4 4.5

Central 187,529 186,657 200,246 6.8 7.3

West 236,860 212,084 222,929 -5.9 5.1

Cheese Production – Cumulative Production January - December

Cumulative Production Percent Change

(1000 pounds) from Cheese Type 2019 2020 2019 Total Cheese 1

13,137,243 13,190,515 0.4 American Cheese 2 5,232,242 5,339,625 2.1 Italian Cheese 5,670,525 5,600,594 -1.2

1/ Excludes cottage cheese.

2/ Includes cheddar, colby, washed curd, stirred curd, Monterey and jack.

DAIRY MARKET NEWS, FEBRUARY 8 – 12, 2021 VOLUME 88, REPORT 6

Milk volumes are available in the Northeast region for processing needs. Bottling demands are stable for the near term. Educational institutions’ Class I orders continue to be steady. Balancing operations are receiving hearty milk volumes. Class III plants are running strong production schedules. Foodservice orders continue to be lower from the restaurant industry. In the Mid-Atlantic, milk output is level. Class I sales are steady. Snow, sleet and rain have disrupted some hauling routes. Manufacturers are concerned about weather disruptions, although there are little to no reports of milk/cream delays at this time. In general, milk is balanced with Class II and III operations’ immediate milk orders. Milk production in the Southeast is slightly up. Class I sales are reportedly strong. Some milk loads are clearing to balancing. In Florida, milk output is close to peaking. Class I sales are stable for the near term. A few bottlers are receiving milk from other regions for their immediate needs. Cream markets are fairly steady. Buyers are purchasing loads within a narrowed price range this week. Butter production is strong in the region. Some operations are keeping cream supplies in-house in lieu of trading. Condensed skim volumes continue to be available in the East. Loads are traveling to other regions to locate manufacturing capacity. Ice cream makers are ramping up production schedules. Northeastern U.S., F.O.B. Condensed Skim Price Range - Class II; $/LB Solids: 0.40 - 0.60 Price Range - Class III; $/LB Solids: 0.55 - 0.70 Northeastern U.S., F.O.B. Cream Multiples Range - All Classes: 1.1800 - 1.2400 Price Range - Class II; $/LB Butterfat: 1.4962 - 1.5723

MIDWEST The topic on nearly all fluid milk and cream contacts' minds this week is the current weather system affecting most of the country, and unequivocally affecting the entire Central region. Reports have generally been on the plus side for farm milk output this winter. This week, though, frigid temperatures from north to south are expected to put a dent in the recently growing yields. Cow comfort and cow health are undoubtedly looming concerns for dairy farmers, as the cold spell is expected to last into next week. Class I demands are mostly unchanging and well below previous years' figures. Cheesemakers continue to relay their surprise at the availability of spot milk for this time of the year. Last year, spot milk prices ranged from $1 to $3 under, two years ago prices were $2 under to Class III. This year, low prices held at $8.50 under Class, while the top of the range was $4 under Class. Cream multiples held steady week to week. Ice cream production is slowly increasing, but butter makers say there is plenty of cream for churning uses. That said, some butter producers reported fewer offers, reporting they expect some firming cream prices in upcoming weeks. There were some reports of hauling issues in the Central region due to snow and ice this week, as well. Some butter plant managers were delayed in production as a result. Price Range - Class III Milk; $/CWT; Spot Basis: 8.50 - -4.00 Trade Activity: Moderate Midwestern U.S., F.O.B. Cream Multiples Range - All Classes: 1.1700 - 1.2400 Price Range - Class II; $/LB Butterfat: 1.5216 - 1.5723 Multiples Range - Class II: 1.2000 - 1.2400

WEST Strong milk production is continuing in California. Milk shipments and handling are back to normal following the winter storm from a couple weeks ago. Contacts suggest the storm was able to ease some of the immediate concerns of drought within the state. Industry contacts say many dairy processors are running at or near capacity and are unable to take on much more milk. In some cases, milk is diverted to calf ranches when there is a disturbance at the processing facility. Class I sales are steady. Class II demand is solid. Milk production in Arizona is rising along typical seasonal patterns. Class I and II demand is steady and pulling good volumes. Milk intakes are in good balance with processing needs. Manufacturers say they are not seeking out additional loads of milk. In New Mexico, milk production is steady to higher, following seasonal patterns. Manufacturers have plenty of milk for processing. Pacific Northwest milk production is strong, and components are above levels from last year. Industry contacts say disruptions at individual plants may create the temporary need to move milk around the region, but milk handlers are able to find homes for the milk without much trouble. A healthy retail demand is supporting bottling sales. Mountain state (Idaho, Utah and Colorado) milk production is strong. The abundance of milk in Idaho has kept milk handlers busy searching out homes for the milk. In some cases, processors are squeezing the extra milk into their facilities at $4 to $5 under Class IV prices. In Colorado and Utah, milk production is in better balance with processing needs. There is plenty of condensed skim milk available for drying. In pockets of the region, industry contacts say a few manufacturers are considering dumping buttermilk to preserve dryer time for drying condensed skim. Western cream is plentiful, but supply and demand ebbs and flows daily. There may be a deluge of cream one day but more balanced the next, hence the wide range of cream multiples. Ice cream production is picking up and taking up some of the slack. Butter makers are taking in large volumes. At the end of the week, cream is often more available as processor needs are filled for the week. A few cream handlers are trying to work out arrangements to ship some of the extra cream eastward from the west coast. Western U.S., F.O.B. Cream Multiples Range - All Classes: 1.0000 - 1.2100

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EAST

FLUID MILK AND CREAM


NONFAT DRY MILK, BUTTERMILK & WHOLE MILK

Prices represent carlot/trucklot quantities for domestic and export sales packaged in 25 kg. or 50 lb. bags, or totes, spray process, dollars per pound.

NONFAT DRY MILK - CENTRAL AND EAST

CENTRAL: Low/medium heat nonfat dry milk (NDM) prices slipped in all facets, on somewhat busy trading. End users say they are finding better deals in all regions this week, as producers have built inventories to a more comfortable point. Still, some contacts say loads are continuing to head into Mexico, but at a slightly lighter clip. Production rates are, and have been, notably busy in recent months. That said, contacts are beginning to suggest condensed skim prices are beginning to move northerly. High heat NDM prices shifted slightly lower on the bottom of the range, but dropped four cents on the top of the range. Although prices declined on high heat NDM, contacts suggest availability is scarce and producers are in the driver's seat regarding pricing. High heat NDM price shifts may not indicate a sluggish or bearish market, simply a scarcity of spot trades available. Generally, NDM market tones are uncertain moving near term. EAST: Low/medium heat nonfat dry milk prices shifted lower in the Eastern region this week. That said, Eastern contacts suggest loads in their particular region are somewhat limited and prices are falling at or near the top of the price/mostly range East of the Mississippi. Some end users say certain producers are sold out through the rest of February and into March. Spot trading activity in the region was somewhat limited this week. Production rates of NDM have been busy, but condensed skim prices are reportedly ticking up. High heat NDM prices also shifted lower, but spot sales were also generally quiet. Although market tones in the other regions are shaky, Eastern contacts generally say limited inventories there are not suggestive of bearish moves. Prices for: Eastern and Central U.S., All First Sales, F.O.B., Extra Grade & Grade A, Conventional, and Edible Nonfat Dry Milk Price Range - Low & Medium Heat; $/LB: 1.0500 - 1.1600 Mostly Range - Low & Medium Heat; $/LB: 1.1300 - 1.1500 Prices for: Eastern and Central U.S., All First Sales, F.O.B., Extra Grade & Grade A, Conventional, and Edible Nonfat Dry Milk Price Range - High Heat; $/LB: 1.1875 - 1.2600

NONFAT DRY MILK - WEST Low/medium heat nonfat dry milk (NDM) prices shifted lower on the range and mostly price series this week. Buyers are continuing to purchase weekly spot loads. Spot prices are mixed on various market exchanges. Low/medium heat NDM production remains strong in the West. Some inventories are at lower levels, while other operations’ supplies are readily available for buyers’ demands. The low/medium heat NDM market tone is unsettled. High heat NDM prices are steady to a bit lower. Offers are limited with tight supply in the West. The majority of drying time is scheduled to low/medium heat NDM. Scheduled high heat NDM production is lower. In general, high heat NDM markets are mostly steady. Prices for: Western U.S., All First Sales, F.O.B., Extra Grade & Grade A, Conventional, and Edible Nonfat Dry Milk Price Range - Low & Medium Heat; $/LB: 1.0500 - 1.1825 Mostly Range - Low & Medium Heat; $/LB: 1.1200 - 1.1600 Prices for: Western U.S., All First Sales, F.O.B., Extra Grade & Grade A, Conventional, and Edible Nonfat Dry Milk Price Range - High Heat; $/LB: 1.2600 - 1.2950

DRY BUTTERMILK - CENTRAL AND EAST

CENTRAL: The Central dry buttermilk prices dipped lower on the top of the range this week. Spot market activities continue to be limited. Outside of committed contracts, manufacturers’ available inventories remain on the lighter side. Hearty loads of condensed buttermilk are clearing to Class II processors. In the region, most drying time is scheduled to low/medium heat NDM. Dry buttermilk production is limited. Dry buttermilk market conditions are fairly steady. EAST: Dry buttermilk prices are steady to lower in the East. Offers on the spot market remain bear. Several manufacturers are drying condensed skim supplies over condensed buttermilk. A few operations are drying loads for committed contracts. Dry buttermilk supplies are low in the region. Buyers’ spot interests are seasonally light. Some market participants are purchasing less than loads (LTL) to meet their immediate needs. The dry buttermilk market tone is mostly unchanged. Prices for: Eastern and Central U.S., All First Sales, F.O.B., Conventional, and Edible Buttermilk Price Range ; $/LB: 1.0300 - 1.1175

DRY BUTTERMILK - WEST Dry buttermilk prices in the Western region were stable on the mostly, although the price range expanded. Trading activity picked up this week. Contacts say demand is steady, but drying is sporadic. In the West, particularly, milkfats have been abundant with strong churning rates and readily accessible cream for said churning. That said, condensed buttermilk has either been moving into end uses that can utilize it in that form, or even being disposed of, according to contacts, as producers make room for drying condensed skim. Therefore, dried buttermilk spots are somewhat limited, as prices have held generally steady for weeks. With spring baking season approaching, domestic demand is expected to pick up, while current market tones are steadfast. Prices for: Western U.S., All First Sales, F.O.B., Conventional, and Edible Buttermilk Price Range ; $/LB: 1.0400 - 1.1400 Mostly Range - ; $/LB: 1.0600 - 1.0900

DRY WHOLE MILK - U.S. After last week's slight adjustment up on the bottom of the price range, dry whole milk prices this week held steady as spot transactions were somewhat quiet. Most domestic production is committed. Demand tones are generally settled, but baking season is quickly approaching, so that could change in the short term. In typical fashion, production is focused on contractual commitments. Dry whole milk market tones are currently steady. Prices for: U.S., All First Sales, F.O.B., Conventional, and Edible Dry Whole Milk Price Range - 26% Butterfat; $/LB: 1.5700 - 1.7000

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WHEY, WPC 34%, LACTOSE & CASEIN Prices represent carlot/trucklot quantities for domestic and export sales packaged in 25 kg. or 50 lb. bags, or totes, spray process, dollars per pound.

DRY WHEY- CENTRAL Dry whey prices were generally steady, except on the top of the mostly where the price moved up one penny. Spot trading was moderately active this week. Contacts say demand is not exceptional, but supplies are limited as Class III producers are managing production based on struggling food service sales, even with notably (potentially historical high) milk availability for this time of the year. Near term, there are some questions regarding exports into Southeast Asia following the Lunar New Year break, but domestic and export demand is pulling down the overall availability. Animal feed whey prices ticked up one cent on both the bottom and the top of the range. Animal feed whey trades were a little busier, as less-than-truckloads were reported at higher prices than the current range, as well. Dry whey market tones are firm to potentially bullish near term. Prices for: Central U.S., All First Sales, F.O.B., Conventional, and Non-Edible Dry Whey Price Range - Animal Feed; $/LB: .3700 - .4100 Prices for: Central U.S., All First Sales, F.O.B., Extra Grade & Grade A, Conventional, and Edible Dry Whey Price Range - Non-Hygroscopic; $/LB: .4800 - .5400 Mostly Range - Non-Hygroscopic; $/LB: .4950 - .5200

DRY WHEY– NORTHEAST Dry whey prices are higher in the East region. Buyers’ demands continue to be healthy in domestic and international markets. Several buyers are purchasing spot loads around the low to mid $0.50s. This week, some market participants are purchasing resales for their immediate needs, as spot offerings from some manufacturers are limited. Dry whey production remains active. Manufacturers’ inventory levels are balanced with buyers’ demands. The dry whey markets continue to display a bullish tone. Prices for: Eastern U.S., All First Sales, F.O.B., Extra Grade & Grade A, Conventional, and Edible Dry Whey Price Range - Non-Hygroscopic; $/LB: .4900 - .5525

DRY WHEY– WEST Western whey prices held steady at the top of the range but moved higher at the bottom of the range and both ends of the mostly price series. Dry whey production is steady. Demand from international and domestic buyers has been active but slowed a bit this week as Southeast Asia begins the Lunar New Year holiday. Industry contacts report whey inventories are tight. In a few cases, manufacturers have had to juggle loads around to meet contracted commitments. Prices for: Western U.S., All First Sales, F.O.B., Extra Grade & Grade A, Conventional, and Edible Dry Whey Price Range - Non-Hygroscopic; $/LB: .4800 - .5500 Mostly Range - Non-Hygroscopic; $/LB: .5000 - .5300

WHEY PROTEIN CONCENTRATE

The price range for whey protein concentrate 34% is unchanged, but both ends of the mostly price series moved upwards, pulled along by solid demand for whey proteins. Industry contacts say WPC 34% inventories are getting tighter. Contacts report some feed buyers are buying up available WPC 34% as an alternative to WPC 80%, WPI or whey powder. Demand for WPC 34% that meets infant formula requirements is also strong. Some contacts also suggest sports nutrition demand, especially in international markets, has shown a bit more activity. WPC 34% production is steady to higher. Prices for: Central and Western U.S., All First Sales, F.O.B., Extra Grade, Conventional, and Edible Whey Protein Concentrate Price Range - 34% Protein; $/LB: .9500 - 1.1575 Mostly Range - 34% Protein; $/LB: .9900 - 1.0300

LACTOSE Lactose prices are largely unchanged this week. The exception is the bottom of the price range, which moved up a penny as a few spot sales cleared from the prior weeks. Spot market activity was quiet as many buyers from Southeast Asia begin their Lunar New Year celebrations. However, a few manufacturers mentioned buyers working to get some of their Q2 coverage in place prior to the holiday. In other cases, market participants wanted to get some vessel bookings done early to give them a cushion on delivery times, hopefully to avoid some of the congestion within shipping channels. Lactose production is steady to higher as some manufacturers increase production of the higher whey protein concentrations. Manufacturers say lactose inventories are in good balance with end user needs, but some stocks are backing up, waiting for shipping equipment and vessel space. Prices for: Central and Western U.S., Spot Sales And Up to 3 Month Contracts, F.O.B., Conventional, and Edible Lactose Price Range - Non Pharmaceutical; $/LB: .3100 - .5500 Mostly Range - Non Pharmaceutical; $/LB: .3650 - .4600

CASEIN Acid casein and rennet casein prices are steady. Rennet casein markets have tightened in early 2020. Some Irish manufacturers are still fulfilling orders that should have been delivered in Q4 2020. The resulting limited availability of casein is behind the upward trend in prices since late last year. Some Irish manufacturers are sold out for Q2 2021. French rennet casein manufacturers report coping with lower milk production, which reduces casein output. Western European rennet casein pricing is expected to trend up at least through Q3 2021, based on prices already contracted. New Zealand acid casein production is moving lower with the seasonally lower milk production. This is normal and most current production is contracted, which is also normal at this time of year. Thus with expectations being realized, pricing remains steady. Prices for: Spot Sales And Up to 3 Month Contracts, Free on Board - Warehouse, Non-Restricted, All Mesh Sizes, Conventional, and Edible Casein Acid; Price Range - $/LB: 3.6425-3.9500 Rennet; Price Range - $/LB: 3.6050-3.6875


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DAIRY MARKET NEWS, FEBRUARY 8 - 12, 2021 -6A- VOLUME 88, REPORT 6

WHEY, WPC 34%, LACTOSE & CASEIN Prices represent carlot/trucklot quantities for domestic and export sales packaged in 25 kg. or 50 lb. bags, or totes, spray process, dollars per pound.


Secondary Sourced Information: CME CLOSE The Extra Grade Dry Whey price at the CME Group on Wednesday closed at $.5400, compared to the weekly average price of $.5350 from last week. DAIRY PRODUCTS REPORT – WHEY SUMMARY Released February 4, 2021, by the National Agricultural Statistics Service (NASS), Agricultural Statistics Board, United States Department of Agriculture (USDA). Dry Whey (Human) Production – States and United States Monthly Production (1000 pounds) Percent Change from DEC NOV DEC DEC NOV Region 2019 2020 2020 2019 2020 United States 78,695 68,150 80,439 2.2 18.0 Atlantic 21,206 19,007 22,271 5.0 17.2 Central 40,207 31,628 38,949 -3.1 23.1 Wisconsin 26,638 21,429 27,754 4.2 29.5 West 17,282 17,515 19,219 11.2 9.7 Dry Whey – Cumulative Production January - December (1000 pounds) Percent Change from Dry Whey 2019 2020 2020 Total1 977,558 956,198 -2.2 Human2 961,762 939,763 -2.3 1. Excludes all modified dry whey products. 2. Values are calculated from Dairy Products report data.\ Manufacturers' stocks end of month3 End of month stocks (1000 pounds) Percent Change from DEC NOV DEC DEC NOV Dry Whey 2019 2020 2020 2019 2020 Human 70,509 66,262 65,040 - 7.8 - 1.8 Animal 858 884 620 -27.7 -29.9 Total 71,367 67,146 65,660 - 8.0 -2.2 3. Stocks held by manufacturers at all points and in transit. DAIRY PRODUCTS REPORT – WHEY DERIVATIVES SUMMARY Released February 4, 2021, by the National Agricultural Statistics Service (NASS), Agricultural Statistics Board, United States Department of Agriculture (USDA). Selected Whey Derivatives Production – United States Monthly Production (1000 pounds) Percent Change from DEC NOV DEC DEC NOV Product 2019 2020 2020 2019 2020 Whey Protein Concentrate, human and animal 25.0-49.9 percent 16,021 14,979 17,533 9.4 17.1 50.0-89.9 percent 27,085 25,074 25,672 -5.2 2.4 Whey protein isolates, 90.0 percent or greater 9,422 8,530 10,905 15.7 27.8

Selected Whey Derivatives – Cumulative Production January - December Cumulative Production Percent (1000 pounds) Change from Product 2019 2020 2019 Whey Protein Concentrate, human and animal 1 25.0-49.9 percent 181,415 177,809 -2.0 50.0-89.9 percent 309,346 298,135 -3.6 Whey protein isolates, 90.0 percent or greater 1` 119,898 118,261 -1.4 1. Values are calculated from Dairy Products report data. Manufacturers' stocks end of month 2 End of month stocks (1000 pounds) Percent Change from DEC NOV DEC DEC NOV Product 2019 2020 2020 2019 2020 Whey Protein Concentrate, human and animal 25.0-49.9 percent 26,576 28,946 28,375 6.8 -2.0 50.0-89.9 percent 39,937 37,120 34,406 -13.8 -7.3 Whey protein isolates, 90.0 percent or greater 16,379 14,292 15,623 - 4.6 9.3 2. Stocks held by manufacturers at all points and in transit. DAIRY PRODUCTS REPORT – LACTOSE SUMMARY Released February 4, 2021, by the National Agricultural Statistics Service (NASS), Agricultural Statistics Board, United States Department of Agriculture (USDA). Monthly Production – United States DEC NOV DEC DEC NOV Product 2019 2020 2020 2019 2020 Lactose, human and animal 93,634 90,045 96,620 3.2 7.3 Cumulative Production January - December Cumulative Production Percent (1000 pounds) Change from Product 2019 2020 2019 Lactose, human and animal 1,227,603 1,133,525 -7.7 Manufacturers' stocks end of month 1 End of month stocks (1000 pounds) Percent Change from DEC NOV DEC DEC NOV Product 2019 2020 2020 2019 2020 Lactose, human and animal 110,652 111,311 122,341 10.6 9.9 1. Stocks held by manufacturers at all points and in transit.


U.S. Dairy Cow Slaughter (1000 head) under Federal Inspection

2021 WEEKLY 2021 2020 WEEKLY 2020 WEEK ENDING DAIRY COWS CUMULATIVE DAIRY COWS DAIRY COWS CUMULATIVE DAIRY COWS 01/30/2021 69.5 324.4 66.2 326.0 WEBSITE: http://www.ams.usda.gov/mnreports/sj_ls714.txt SOURCE: The slaughter data are gathered and tabulated in a cooperative effort by the Agricultural Marketing Service, the Food Safety and Inspection Service, and the National Agricultural Statistics Service, all of USDA

FEDERAL MILK ORDER CLASS III MILK PRICES (3.5% Butterfat)

YEAR JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC 2016 13.72 13.80 13.74 13.63 12.76 13.22 15.24 16.91 16.39 14.82 16.76 17.40 2017 16.77 16.88 15.81 15.22 15.57 16.44 15.45 16.57 16.36 16.69 16.88 15.44 2018 14.00 13.40 14.22 14.47 15.18 15.21 14.10 14.95 16.09 15.53 14.44 13.78 2019 13.96 13.89 15.04 15.96 16.38 16.27 17.55 17.60 18.31 18.72 20.45 19.37 2020 17.05 17.00 16.25 13.07 12.14 21.04 24.54 19.77 16.43 21.61 23.34 15.72

FEDERAL MILK ORDER CLASS IV MILK PRICES (3.5% Butterfat)

YEAR JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC 2016 13.31 13.49 12.74 12.68 13.09 13.77 14.84 14.65 14.25 13.66 13.76 14.97 2017 16.19 15.59 14.32 14.01 14.49 15.89 16.60 16.61 15.86 14.85 13.99 13.51 2018 13.13 12.87 13.04 13.48 14.57 14.91 14.14 14.63 14.81 15.01 15.06 15.09 2019 15.48 15.86 15.71 15.72 16.29 16.83 16.90 16.74 16.35 16.39 16.60 16.70 2020 16.65 16.20 14.87 11.40 10.67 12.90 13.76 12.53 12.75 13.47 13.30 13.36

FEDERAL MILK ORDER CLASS PRICES FOR 2021 (3.5% Butterfat)

CLASS JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC I (BASE) 15.14 15.54 II 14.18 III 16.04 IV 13.75

Further information may be found at: https://www.ams.usda.gov/rules-regulations/mmr/dmr

NATIONAL DAIRY PRODUCTS SALES REPORT

U.S. AVERAGES AND TOTAL POUNDS

WEEK ENDING 02/06/2021

BUTTER

1.3464 4,597,858

CHEESE 40# BLOCKS

1.7514 9,440,917

CHEESE BARRELS 38% MOISTURE

1.4774 13,811,664

DRY WHEY

.4953 5,471,121

NDM

1.1497 19,028,607

Further data and revisions may be found on the internet at: http://www.ams.usda.gov/rules-regulations/mmr/dmr

CME GROUP, INC FUTURES

Selected settling prices CLASS III MILK FUTURES (Pit-Traded) ($/cwt)

DATE 02/05 02/08 02/09 02/10 02/11 FEB 21 15.64 15.61 15.48 15.49 15.66 MAR 21 16.69 16.54 16.31 16.28 17.03 APR 21 17.12 17.12 16.76 16.79 17.54

CLASS IV MILK FUTURES (Pit-Traded) ($/cwt)

DATE 02/05 02/08 02/09 02/10 02/11 FEB 21 13.27 13.27 13.34 13.34 13.34 MAR 21 13.82 13.87 13.97 13.90 13.96 APR 21 14.56 14.56 14.72 14.62 14.69

CASH SETTLED BUTTER FUTURES (Electronic-Traded) (¢/lb)

DATE 02/05 02/08 02/09 02/10 02/11 FEB 21 137.00 137.00 137.00 137.00 137.00 MAR 21 150.43 150.50 150.60 150.00 151.50 APR 21 163.25 163.50 163.50 163.50 165.70

NONFAT DRY MILK FUTURES (Pit-Traded) (¢/lb) DATE 02/05 02/08 02/09 02/10 02/11 FEB 21 111.75 112.25 112.75 112.75 113.10 MAR 21 112.00 112.45 113.73 112.80 112.35 APR 21 114.50 115.43 116.00 114.55 114.28

WHEY (Electronic-Traded) (¢/lb)

DATE 02/05 02/08 02/09 02/10 02/11 FEB 21 49.75 49.75 50.03 50.03 50.15 MAR 21 49.90 49.75 50.25 49.78 50.55 APR 21 48.00 47.75 48.38 48.43 49.03

BLOCK CHEESE CSC (Electronic-Traded) ($/lb)

DATE 02/05 02/08 02/09 02/10 02/11 FEB 21 1.66 1.66 1.66 1.65 1.65 MAR 21 1.73 1.73 1.74 1.73 1.76 APR 21 1.78 1.78 1.78 1.77 1.82

Further information may be found at: http://www.cmegroup.com/market-data/daily-bulletin.html


ORGANIC DAIRY MARKET NEWS Information gathered February 1 - 12, 2021

ORGANIC DAIRY FLUID OVERVIEW

Organic dairy producers are awaiting information as to whether a large national organic dairy cooperative will adjust organic milk pay prices. Typically, a decision is made early in a year. According to a national organization representing organic dairy producers, pending a 2021 adjustment, the 2020 farmgate pay price as a national year around average remains in effect at $31.55 per cwt. The 2020 range was a low of $27.13 and a high of $31.42, depending on the month. As a historical comparison, it is noted that in 2009 the average pay price was $27.13 and in 2012 it was $31.70. USDA has released the annual count of worldwide certified organic operations for the year 2020. The number of certified organic operations increased to 45,578. There are roughly 28,454 certified organic operations in the United States. The state of California leads certified organic operations with 5,062. Second is Wisconsin, with 1,954 and New York is third, with 1,911 operations in 2020.

ORGANIC GRAIN FEEDSTUFF OVERVIEW

National Organic Grain and Feed Markets. Trading is active on good demand in the organic feed grade corn market. Corn traded 36 cents higher FOB as cash offers strengthened. The demand for organic feed grade soybeans is good, although current exchanges are limited. Trading activities are very limited for organic feed grade wheat, soybean meal and soybean oil. There are reports of firmer market tones for organic feed grade wheat, soybean meal and soybean oil. Trading is inactive on all other organic grains this reporting period.

For more additional information, access the links: https://www.ams.usda.gov/mnreports/lsbnof.pdf

ORGANIC DAIRY RETAIL OVERVIEW

This week, total organic ads for surveyed retail stores increased 26 percent. Organic milk, in gallon packaging, had the largest percent in ad changes, increasing 731 percent. Organic yogurt, in 32-ounce packaging, had the largest decrease in ads, 24 percent. Organic butter ad percentages were unchanged compared to last week. There were no organic ads for cream cheese or cottage cheese this reporting week. The retail milk price spread between advertised prices for organic half gallon milk, $3.79, compared to $1.40 for conventional half gallons, led to an organic premium of $2.39. The organic premium increased 53 cents from the previous week. The national weighted average advertised price for organic 1-pound butter is $5.99, compared to $3.23 for conventional 1-pound butter, an organic premium of $2.76. Organic 8-ounce block cheese has an average price of $3.69. Conventional 8-ounce block cheese has an average price of $2.62, resulting in an organic premium of $1.07. The national weighted average advertised price for organic 32-ounce containers of Greek yogurt is $6.99. Conventional Greek yogurt in 32-ounce containers have a national weighted average advertised price of $4.35, an organic premium of $2.64.

Each advertised organic dairy product and ad percentages, from the most recent Dairy Market News retail survey, are shown in the pie chart below.

Advertising information presented is compiled from nearly 23,000 surveyed newspaper supermarket ads. Prices are valid from February 12 - 18, 2021. Retail survey ads reflect “advertised specials” and not the range of non-advertised supermarket cooler prices.

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ORGANIC DAIRY MARKET NEWS Information gathered February 1 - 12, 2021

-CONTINUED FROM PAGE 8-

Product pricing information of selected organic dairy commodities, from the current weekly retail survey, is presented in the following table:

NATIONAL RETAIL ORGANIC DAIRY WEIGHTED AVERAGE ADVERTISED PRICE

This Last Last COMMODITY Week Week Year Butter $5.94 $5.99 n.a. Cheese 8 oz block $3.69 $3.69 n.a. 8 oz shred n.a. n.a. $3.50 Cottage Cheese n.a. $4.29 n.a. Cream Cheese n.a. $3.00 $1.99 Ice Cream n.a. $7.49 n.a. Milk Half Gal. $3.79 $3.49 $4.04 Gallon $4.48 $5.49 $5.99 Yogurt 4-6 oz. Greek n.a. n.a. $1.25 32 oz. Greek $6.99 $5.99 $3.90 4-6 oz. Yogurt $1.00 n.a. n.a. 32 oz. Yogurt $5.31 $3.50 $3.00

Data source: USDA Dairy Market News

DIRECT TO CONSUMER ORGANIC DAIRY PRODUCTS PRICES

The following tables identify U.S. price range results from a Dairy Market News national survey of publicly available prices of organic dairy products, available from farmstead outlets and online. There may be prices offered outside of the price range which were not identified by the survey. These are cows' milk products. BUTTER Commodity Type Pack Size : Organic : Price Range $ Organic Butter 1 lb : 3.50 - 5.50 Organic Butter 8 oz : 2.75 - 10.00 CHEESE Commodity Type Pack Size : Organic : Price Range $ Organic Cheese Cheddar - 2-4 year 8 oz : 5.73 - 10.00 Organic Cheese Cheddar - 5-9 year 8 oz : 8.50 - Organic Cheese Cheddar - Medium 8 oz : 4.50 - 5.50 Organic Cheese Cheddar - Mild 8 oz : 4.14 - 6.00 Organic Cheese Cheddar - Sharp 8 oz : 4.50 - 6.93 Organic Cheese Colby 8 oz : 4.50 - 6.29 Organic Cheese Farmers 8 oz : 4.00 - 6.00 Organic Cheese Gouda 8 oz : 4.50 - 12.00 Organic Cheese Monterey Jack 8 oz : 4.50 - 6.00 Organic Cheese Mozzarella 8 oz : 4.50 - 12.50 Organic Cheese Muenster 8 oz : 5.25 - 6.00 Organic Cheese Pepper Jack 8 oz : 12.50 - Organic Cheese Curds per lb : 12.00 - MILK Commodity Type Pack Size : Organic : Price Range $ Organic Milk All fat tests Half Gallon : 6.00 Information for the period February 1 - 12, 2021 , issued monthly.

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DAIRY MARKET NEWS, FEBRUARY 8 – 12, 2021 -9- VOLUME 88, REPORT 6

February Supply and Demand Estimates The 2020 milk production, trade, and stock estimates are adjusted to reflect December data. For 2021, the milk production forecast is raised from last month, primarily on higher dairy cow numbers. The 2021 fat basis import forecast is raised on higher expected imports of cheese and butterfat products, while exports are raised on higher shipments of butterfat. On a skim-solids basis, the import forecast is unchanged while the export forecast is raised, reflecting expectations of strong international demand. Annual product price forecasts for cheese and butter are lowered from the previous month on current prices, increased production, and larger stocks. Nonfat dry milk (NDM) and whey price forecasts are raised from last month on firm demand. The Class III price is reduced on the lower cheese price forecast and the Class IV price is also reduced, reflecting a lower butter price forecast. The 2021 all milk price forecast is reduced to $17.15 per cwt.

U.S. Milk Supply and Use

Commodity 2019

2020 Estimated

2021 Projected

Jan Feb Jan Feb (billion pounds) Milk Production 218.4 222.9 223.1 226.7 227.4 Farm Use 1.0 1.0 1.0 1.0 1.0 Fat Basis Supply Beginning Commercial Stocks 13.8 13.6 13.6 15.2 15.6 Marketings 217.4 221.9 222.0 225.7 226.3 Imports 6.9 6.8 6.8 6.6 6.7 Total Commercial Supply 238.1 242.3 242.4 247.5 248.7 Fat Basis Use Commercial Exports 9.1 9.2 9.3 9.7 10.1 Ending Commercial Stocks 13.6 15.2 15.6 15.2 16.0 CCC Donations 0.2 0.3 0.3 0.0 0.0 Domestic Commercial Use 215.2 217.7 217.3 222.6 222.6 Skim-Solid Basis Supply Beginning Commercial Stocks 10.7 10.2 10.2 10.3 10.8 Marketings 217.4 221.9 222.0 225.7 226.3 Imports 5.8 5.6 5.6 5.5 5.5 Total Commercial Supply 233.9 237.6 237.8 241.5 242.7 Skim-Solids Basis Use Commercial Exports 41.5 47.3 47.2 48.7 48.9 Ending Commercial Stocks 10.2 10.3 10.8 10.3 10.6 CCC Donations 0.2 0.1 0.1 0.0 0.0 Domestic Commercial Use 181.9 179.9 179.6 182.4 183.2

NOTE: Totals may not add due to rounding. Continued on page 10

DAIRY MARKET NEWS, FEBRUARY 8 – 12, 2021 -10- VOLUME 88, REPORT 6

February Milk Supply and Demand Estimates-cont’d

1 Simple average of monthly prices calculated from AMS weekly average dairy product prices for class price computations. Details may be found by going to http://www.ams.usda.gov/rules-regulations/mmr/dmr; scroll down to Publications, National Dairy Products Sales Reports, and select Current Release & Archives.” 2 Annual and quarterly Class III and Class IV prices are the simple average of monthly minimum Federal order milk prices paid by regulated plants for milk used in the respective classes. All milk price is the simple average of monthly prices received by farmers for milk at average test. 3 Does not reflect any deductions from producers as authorized by legislation. 4 Projection. Source: U.S. Department of Agriculture. World Agricultural Outlook Board. World Agricultural Supply and Demand Estimates, WASDE-609, February 9, 2021. Approved by the Interagency Commodity Estimates Committee [members for Dairy are: Shayle Shagam, ICEC Chair, WAOB; Carolyn Liebrand, AMS; Paul Kiendl, FAS; Jerry Cessna, ERS; and Georgi Gabrielyan, FPAC].

U.S. Dairy Prices

Commodity 2019

2020 Estimated

2021 Projected

Jan Feb Jan Feb (dollars per pound) Product Prices 1 Cheese 1.7586 1.9236 1.9236 1.7400 1.6950 Butter 2.2431 1.5808 1.5808 1.6050 1.4550 Nonfat Dry Milk 1.0419 1.0417 1.0417 1.1000 1.1250 Dry Whey 0.3799 0.3621 0.3621 0.4500 0.4800 (dollars per cwt) Milk Prices 2 Class III 16.96 18.16 18.16 16.90 16.60 Class IV 16.30 13.49 13.49 14.10 13.70 All Milk 3 18.63 18.30 18.32 17.65 17.15 Quarterly 2020 IV 2021 I 4 2021 II 4 2021 III 4 2021 IV 4 (billion pounds) Milk Production 55.6 56.7 58.0 56.4 56.2 (dollars per cwt) All Milk Price 2, 3 20.00 16.60 16.60 17.25 18.10 Class III Price 2 20.22 15.90 16.52 16.87 17.08 Class IV Price 2 13.38 13.34 13.39 14.03 13.95


Consumer Price Index and Average Retail Prices for Selected Products, U.S. City Average 1

Consumer Price Index

Month

All Food Dairy Products Fresh Whole Milk Cheese Butter Meat, Poultry, Fish, and Eggs

CPI 2 Pct.

Chg 3 CPI 2

Pct. Chg 3

CPI 2 Pct.

Chg 3 CPI 2

Pct. Chg 3

CPI 2 Pct.

Chg 3 CPI 2

Pct. Chg 3

Nov 2020 269.1 3.7 229.5 3.6 216.5 5.5 242.4 3.6 237.1 -1.3 265.3 5.9

Dec 2020 270.0 3.9 231.7 4.4 222.2 7.7 243.5 3.8 238.2 -0.5 264.5 4.6

Jan 2021 270.9 3.8 231.5 3.8 219.1 4.7 244.4 4.5 246.3 -2.6 265.9 5.1

U.S. City Average Retail Prices

Month Whole Milk 4 Butter 5 Process Cheese 6 Natural Cheese 7 Ice Cream 8

2020 2019 2020 2019 2020 2019 2020 2019 2020 2019

(dollars) Nov 3.425 3.189 N/A N/A 4.132 3.917 5.589 5.309 4.846 4.935

Dec 3.535 3.188 N/A N/A 4.200 3.909 5.540 5.302 4.927 4.740

2021 2020 2021 2020 2021 2020 2021 2020 2021 2020

(dollars)

Jan 3.468 3.253 N/A N/A 4.193 3.847 5.656 5.204 5.014 4.824

N/A = Not available. 1 "CPI Detailed Report," "Consumer Prices: Energy and Food," BLS, U.S. Department of Labor. According to BLS, average prices are best used to measure the price level in a particular month. To measure price change over time, the CPI is more appropriate. 2 The standard reference base period for these indexes is 1982-1984 = 100. 3 Percent change over previous year. 4 Per gallon. 5 Per pound. Grade AA, salted, stick butter. 6 Per pound, any size and type of package. 7 Per pound, cheddar cheese in any size and type of package and variety (sharp, mild, smoked, etc.). 8 Per 1/2 gallon prepackaged regular.

DAIRY MARKET NEWS, FEBRUAY 8 - 12, 2020 -G1- VOLUME 88, REPORT 6

210

215

220

225

230

235

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Consumer Price Index (CPI) for Dairy and related Products

2017 2018 2019 2020 2021

1 -- Dairy Market News surveys nearly 150 retailers, comprising over 23,000 individual stores, with online weekly advertised features.

Dairy Market News Branch

AgriculturalMarketingService

National Retail Report-DairyWebsites: http://www.marketnews.usda.gov/mnp/da-home and http://www.ams.usda.gov/mnreports/dybretail.pdf

Volume 88- Number 6 Issued Weekly Friday, February 12, 2021

Advertised Prices for Dairy Products at Major Retail Supermarket Outlets ending during the period of 02/12/2021 to 02/18/2021

Total conventional dairy ads decreased by 15 percent, while organic dairy ads increased by 26 percent. The most advertised dairy item this week is conventional 48 to 64-ounce containers of ice cream. The national weighted average price is $2.98, down 1 cent from last week. The national weighted average advertised price for conventional 1-pound butter is $3.23, 19 cents higher than last week.

The second most advertised dairy item, conventional 8-ounce shred cheese, has an average price of $2.56, up 14 cents from last week. Conventional 8-ounce block cheese has an average price of $2.62, up 19 cents from last week. Organic 8-ounce block cheese has an average price of $3.69, unchanged from last week. Conventional cheese ads increased 13 percent and organic cheese ads were unchanged from the week before.

The national weighted average advertised price for conventional Greek yogurt in 32-ounce containers is $4.35, down 23 cents from last week. Organic 32-ounce containers of Greek yogurt have a national weighted average advertised price of $6.99. Conventional yogurt ads decreased 27 percent, but organic yogurt ads increased 21 percent.

Conventional milk ads increased by 13 percent while organic milk ads increased by 49 percent. The national weighted average advertised price for conventional half gallon milk is $1.40, down 68 cents from last week. The national weighted average advertised price for organic half gallons is $3.79, down 15 cents from last week. Organic halfgallon milk was the most advertised organic dairy item, followed by organic gallon milk.

Cheese Yogurt Ice cream Cream cheese Butter

Sto

res

with

Ads

0K

4K

8K

12K

16K

20K

24K

28K

02/12/2021 02/05/2021 01/29/2021

Top 5 Commodities Featured This Week

National Retail Report - Dairy Vol 88 - No. 6Friday, February 12, 2021 - Page 2

Wtd Avg - Simple weighted average

Butter, 9%

Cheese, 33%

Cottage cheese, 5%Cream cheese, 9%

Flavored milk, 1%

Ice cream, 14%

Milk, 2%

Sour cream, 7%

Yogurt, 16%

Percentage of Total Conventional Ads by Commodity

Butter, 5%

Cheese, 2%

Milk, 75%

Yogurt, 18%

Percentage of Total Organic Ads by Commodity



NATIONAL -- CONVENTIONAL DAIRY PRODUCTS

Commodity Type Pack Size

THIS PERIOD LAST WEEK LAST YEAR

StoresWith Ads

Wtd AvgPrice

StoresWith Ads

Wtd AvgPrice

StoresWith Ads

Wtd AvgPrice

Butter 1 # 6068 3.23 5672 3.04 5238 3.44

Cheese Natural Varieties 8 oz block 5543 2.61 7163 2.43 6655 2.26

Cheese Natural Varieties 1 # block 4208 3.71 1352 3.49 2522 3.57

Cheese Natural Varieties 2 # block 2144 6.65 2318 6.22

Cheese Natural Varieties 8 oz shred 9061 2.55 9421 2.42 6779 2.25

Cheese Natural Varieties 1 # shred 2394 3.45 240 2.93 184 4.18

Cottage cheese 16 oz 3446 2.06 2022 1.77 3315 1.91

Cream cheese 8 oz 6521 1.95 10500 1.87 7529 1.99

Flavored milk All fat tests half gallon 580 1.97 527 2.18 1055 2.72

Flavored milk All fat tests gallon 180 2.99 285 3.88

Ice cream 48-64oz 9900 2.99 13345 2.99 7830 3.27

Milk All fat tests half gallon 982 1.40 695 2.08 869 2.96

Milk All fat tests gallon 607 2.79 712 3.30 327 2.09

Sour cream 16 oz 4901 1.85 9926 1.84 4300 1.73

Yogurt Greek 4-6 oz 5202 .97 7678 .99 5313 1.00

Yogurt Greek 32 oz 1584 4.35 1857 4.58 1564 4.04

Yogurt Yogurt 4-6 oz 3175 .50 4909 .51 4015 1.62

Yogurt Yogurt 32 oz 1071 2.39 540 3.95 495 2.63

REGIONAL -- CONVENTIONAL DAIRY PRODUCTS


NORTHEAST U.S. SOUTHEAST U.S. MIDWEST U.S.

Price Range

Stores with Ads

Wtd AvgPrice

Price Range

Stores with Ads

Wtd AvgPrice

Price Range

Stores with Ads

Wtd AvgPrice

Butter 1 # 2.49-3.99 2026 3.10 2.49-3.50 1523 3.18 2.50 468 2.50

Cheese Natural Varieties 8 oz block 1.99-3.00 1986 2.40 2.39-3.00 1469 2.93 2.49-2.99 565 2.88

Cheese Natural Varieties 1 # block 3.38-3.99 376 3.48 3.38-5.99 1300 3.81 3.49-4.22 1023 4.07

Cheese Natural Varieties 2 # block 6.99-8.49 167 7.47 6.99 221 6.99

Cheese Natural Varieties 8 oz shred 1.97-3.69 3398 2.46 2.00-3.00 3024 2.68 1.50-2.99 860 2.61

Cheese Natural Varieties 1 # shred 3.99 60 3.99 3.38 1086 3.38 3.49 213 3.49

Cottage cheese 16 oz 1.99-2.99 1392 2.33 1.49-2.50 1194 2.01 1.49-2.00 176 1.66

Cream cheese 8 oz 1.50-2.50 1494 1.99 1.49-3.00 2311 2.02 1.49-2.49 1305 1.98

Ice cream 48-64oz 2.00-3.99 2868 2.92 2.50-4.99 1448 2.65 2.50-4.99 1857 2.95

Milk All fat tests half gallon 0.88-1.19 591 1.14

Milk All fat tests gallon 2.39-2.99 233 2.58

Sour cream 16 oz 1.29-2.50 2220 1.82 1.49-2.00 1133 1.85 1.49-1.97 278 1.80

Yogurt Greek 4-6 oz 0.79-1.25 1760 .99 0.70-1.00 974 .93 0.88-1.00 1239 .99

Yogurt Greek 32 oz 3.99-4.49 121 4.23 3.49-4.99 601 4.45

Yogurt Yogurt 4-6 oz 0.50-0.60 1316 .54 0.50-0.60 267 .58 0.28-0.49 286 .36

Yogurt Yogurt 32 oz 1.88-3.50 638 2.38 3.50 61 3.50




SOUTH CENTRAL U.S. SOUTHWEST U.S. NORTHWEST U.S.

Price Range

Stores with Ads

Wtd AvgPrice

Price Range

Stores with Ads

Wtd AvgPrice

Price Range

Stores with Ads

Wtd AvgPrice

Butter 1 # 2.50-3.00 325 2.76 3.50-3.99 1086 3.83 2.50-4.39 584 3.49

Cheese Natural Varieties 8 oz block 1.99-2.99 539 2.22 1.99-3.00 480 2.75 1.67-3.00 482 2.51

Cheese Natural Varieties 1 # block 3.48 973 3.48 3.38-3.50 406 3.40 3.38 130 3.38

Cheese Natural Varieties 2 # block 6.99 78 6.99 5.00-7.99 1051 5.97 6.49-7.99 578 7.24

Cheese Natural Varieties 8 oz shred 1.99-2.50 724 2.16 1.99-3.00 617 2.80 1.67-3.00 416 2.43

Cheese Natural Varieties 1 # shred 3.48 973 3.48 3.50 62 3.50

Cottage cheese 16 oz 1.49-2.38 213 1.79 1.49-1.99 182 1.66 1.67 289 1.67

Cream cheese 8 oz 1.49-2.00 402 1.65 1.49-2.50 588 1.93 1.49-1.67 410 1.62

Flavored milk All fat tests half gallon 2.50 213 2.50 1.99 246 1.99 0.99 121 .99

Ice cream 48-64oz 2.99-5.09 776 3.63 2.50-3.99 2260 2.82 2.47-5.49 645 3.97

Milk All fat tests half gallon 1.99 246 1.99 0.99 121 .99

Milk All fat tests gallon 2.99 133 2.99 2.89 241 2.89

Sour cream 16 oz 1.49-2.09 450 1.73 1.49-2.00 531 1.88 2.19 289 2.19

Yogurt Greek 4-6 oz 1.00 405 1.00 0.79-1.00 664 .89 1.00 121 1.00

Yogurt Greek 32 oz 3.29-4.99 473 4.34 3.69-4.99 152 4.46 2.99-4.99 226 4.06

Yogurt Yogurt 4-6 oz 0.49-0.60 533 .52 0.29-0.50 752 .44

Yogurt Yogurt 32 oz 2.50-2.78 126 2.66 2.00 246 2.00


ALASKA U.S. HAWAII U.S.

Price Range

Stores with Ads

Wtd AvgPrice

Price Range

Stores with Ads

Wtd AvgPrice

Butter 1 # 3.00-5.29 32 4.50 3.00 24 3.00

Cheese Natural Varieties 8 oz block 2.50-3.49 22 3.00

Cheese Natural Varieties 2 # block 5.00-12.99 49 9.57

Cheese Natural Varieties 8 oz shred 2.50-3.49 22 3.00

Cream cheese 8 oz 1.99 11 1.99

Ice cream 48-64oz 3.00 22 3.00 4.00 24 4.00

Milk All fat tests half gallon 3.99 24 3.99

Yogurt Greek 4-6 oz 1.25-1.79 39 1.64

Yogurt Greek 32 oz 5.49 11 5.49

Yogurt Yogurt 4-6 oz 0.70 21 .70

NATIONAL -- ORGANIC DAIRY PRODUCTS


THIS PERIOD LAST WEEK LAST YEAR

StoresWith Ads

Wtd AvgPrice

StoresWith Ads

Wtd AvgPrice

StoresWith Ads

Wtd AvgPrice

Butter 1 # 289 5.99 289 5.99



Cheese Natural Varieties 8 oz block 121 3.69 121 3.69

Cheese Natural Varieties 8 oz shred 121 3.50

Cottage cheese 16 oz 214 4.29

Cream cheese 8 oz 61 3.00 161 1.99

Ice cream 48-64oz 108 7.49

Milk All fat tests half gallon 2966 3.80 2555 3.94 1461 4.04

Milk All fat tests gallon 1172 4.48 141 5.49 61 5.99

Yogurt Greek 4-6 oz 147 1.25

Yogurt Greek 32 oz 221 6.99 289 5.99 560 3.90

Yogurt Yogurt 4-6 oz 233 1.00

Yogurt Yogurt 32 oz 534 4.85 416 3.50 214 3.00

REGIONAL -- ORGANIC DAIRY PRODUCTS


NORTHEAST U.S. SOUTHEAST U.S. MIDWEST U.S.

Price Range

Stores with Ads

Wtd AvgPrice

Price Range

Stores with Ads

Wtd AvgPrice

Price Range

Stores with Ads

Wtd AvgPrice

Milk All fat tests half gallon 3.69-5.29 710 4.31 2.98-3.50 523 3.19 2.99-4.49 825 3.75

Milk All fat tests gallon 4.39 167 4.39 4.49 114 4.49 4.49 591 4.49

Yogurt Greek 32 oz 6.99 221 6.99

Yogurt Yogurt 4-6 oz 1.00 233 1.00

Yogurt Yogurt 32 oz 3.50 245 3.50


SOUTH CENTRAL U.S. SOUTHWEST U.S. NORTHWEST U.S.

Price Range

Stores with Ads

Wtd AvgPrice

Price Range

Stores with Ads

Wtd AvgPrice

Price Range

Stores with Ads

Wtd AvgPrice

Butter 1 # 5.99 289 5.99

Cheese Natural Varieties 8 oz block 3.69 121 3.69

Milk All fat tests half gallon 2.99-4.99 393 4.30 2.50-4.49 515 3.41

Milk All fat tests gallon 4.49 78 4.49 4.49 90 4.49 4.49 121 4.49

Yogurt Yogurt 32 oz 5.99 289 5.99


ALASKA U.S. HAWAII U.S.

Price Range

Stores with Ads

Wtd AvgPrice

Price Range

Stores with Ads

Wtd AvgPrice

Milk All fat tests gallon 4.79 11 4.79

REGIONAL DEFINITIONS



As used in this report, regions include the following states:

NORTHEAST U.S. Connecticut, Delaware, Massachusetts, Maryland, Maine, New Hampshire, New jersey, New York, Pennsylvania, Rhode Island and Vermont

SOUTHEAST U.S. Alabama, Florida, Georgia, Mississippi, North Carolina, South Carolina, Tennessee, Virginia and West VirginiaMIDWEST U.S. Iowa, Illinois, Indiana, Kentucky, Michigan, Minnesota, North Dakota, Nebraska, Ohio, South Dakota and WisconsinSOUTH CENTRAL U.S. Arkansas, Colorado, Kansas, Louisiana, Missouri, New Mexico, Oklahoma, and TexasSOUTHWEST U.S. Arizona, California, Nevada and UtahNORTHWEST U.S. Idaho, Montana, Oregon, Washington, and WyomingALASKA AlaskaHAWAII HawaiiNATIONAL Continental United States

USDA is an equal opportunity provider and employer

Dairy Market News United States Department of Agriculture

Agricultural Marketing Service Dairy Programs Market Information Branch

Volume 88, Report 6 February 8 – 12, 2021

GENERAL NUMBER (608) 422-8587 Elizabeth Frederick (608) 422-8587 [email protected]

ORGANIC/ EAST Daniel Johnson (608) 422-8605 [email protected]

EAST/SOUTH AMERICA Jessica Mueller (608) 422-8589 [email protected]

CENTRAL Israel Weber (608) 422-8601 [email protected]

WEST Mike Bandli (608) 422-8592 [email protected]

EUROPE/OCEANIA Eric Graf (608) 422-8590 [email protected]

DEPUTY DIRECTOR, DAIRY MARKET NEWS

Janet Linder (608) 422-8588 [email protected] DIRECTOR, DAIRY MARKET NEWS

Butch Speth (608) 422-8586 [email protected]

RECORDED INFORMATION SYSTEM (608) 422-8602

FAX (608) 240-6689 ________________________ USDA, Dairy Market News 4600 American Parkway, STE 106 Madison, WI 53718-8334

Additional Dairy Market News Information: DMN Website: https://www.ams.usda.gov/market-news/dairy

DMN MARS (My Market News): https://mymarketnews.ams.usda.gov/

DAIRY MARKET NEWS PRICE SUMMARY FOR FEBRUARY 8 - 12, … · 2/12/2021 · milk (NDM) prices were...

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