DAIRY TRENDS
Dairy Trends - July 26, 2024
All dairy pricing trends are based on USDA and CME data as of July 24, 2024.
BUTTER
The butter market continues to trade within a narrow range, and remains at all-time high prices for this time of year. Strong production rates and rising cold storage levels continue to put downward pressure on pricing, while fears that prices will again reach the high levels seen during October in the past two years have kept forward buying interest strong, according to analysts.
CHEESE
Both the CME block and barrel markets rose this week. Cheese production remains steady, despite reduced milk availability, and cold storage inventory, although lower than usual at this time of year, remains at a strong enough level to support current demand comfortably, according to analysts.
SHELL EGGS
According to Urner Berry, all egg markets continued to rise, due to good foodservice demand, along with tightening supply caused by high heat, flock rotations and Highly Pathogenic Avian Influenza (HPAI).
MILK & CREAM
Analysts report that domestic milk availability continues to decline, as high heat across the nation reduces output, and that seasonal ice cream demand is rising, which should reduce overall cream availability for churning operations through the summer.
The data contained in the Farmer’s Report is provided for informational purposes only, is not tailored to your specific purchasing needs, and is not intended as a substitute for any other publicly-available market data or information. The Farmer’s Report is compiled from the last-received market data provided by the United States Department of Agriculture (USDA) and/or other market sources, and is subject to change without notice. Nothing herein is the opinion of US Foods®. US Foods neither assumes any legal liability nor makes any warranty or guaranty, either express or implied, regarding the completeness, accuracy or usefulness of this information.