Key Takeaways:
Demand and capacity decide where milk growth lands. Italian cheese is up 4.2 percent in 2026, and milk output is growing fastest in Kansas, South Dakota and Texas, where the new plants are located. Price spreads decide where the marginal milk goes. The Class IV premium over Class III peaked at $5.40 in May, and nonfat dry milk output is up 10.5 percent through August. In California, with flat milk production, cheese fell 6.6 percent while nonfat dry milk rose 28.2 percent. Make allowances are not a precise lever. Their effect is measured in cents against spreads measured in dollars, and it has not been isolated in the data. Watch September and October nonfat dry milk output. The premium narrowed to $0.72 in August before rec...
What You Need to Know Today: New World screwworm is back in the headlines after new cases were found in a hunter-harvested elk in Texas and a beef cow in New Mexico. The detection in wildlife could further complicate containment efforts, as implementing effective biosecurity measures is consid...
Cattle on Feed Expectations USDA’s monthly Cattle on Feed report that will show cattle inventory statistics as of 1 October will be released tomorrow, 23 October. Analysts’ pre-report consensus estimates are for the total inventory on feed to be 100.3 percent of last year, which imp...
Key Takeaways: Dry bulk markets remain mixed with Capesize rates turning around from their recent weakness and posting solid gains on improved Chinese demand. Panamax vessels, on the other hand, saw rates decline amid greater tonnage availability in the South Atlantic and falling U.S. Gu...
