Lucas Fuess is a Senior Dairy Analyst for RaboResearch Food & Agribusiness and is based in Chicago:

Butter was a “beacon of hope” in the USDA’s latest supply and demand data, which was a contrast to several other disappointments last week. Betty Berning, HighGround Dairy contributing dairy economist, talks with Lee Mielke about it.

Restaurant sales are strong and good news for the dairy industry – but why isn’t that showing up in farm milk prices? Lee talks about it with StoneX dairy broker Dave Kurzawski:

We saw a second strong Global Dairy Trade auction this past week and a 42-cent increase in the Class III milk price; but do they provide hope for U.S. dairy farmers? Lee Mielke talks about it with HighGround Dairy’s newest addition, Betty Berning, Contributing Dairy Economist:

The March Cold Storage report had a big surprise in it. Matt Gould, editor of the Weekly Wire talks about it with Lee Mielke; as well as the general sentiment in the dairy industry right now:

Last week’s GDT surprised the dairy industry with a 3.2% rise in the weighted average and US milk output in March was only up 0.5%. Lee Mielke talks
about it with Rabo Banks Senior Dairy Analyst, Lucas Fuess:

Tight finances on dairy farms and high beef prices are tempting producers. StoneX broker Dave Kurzawski says dairy beef is making up a bigger percentage of the U.S. beef supply than it was a year ago, and talks with Lee Mielke about it.

Last week’s continued weakness in the GDT and the softened February US dairy export numbers are evidence of a weak global dairy market. Ron O’Brien, President of New Zealand-based Nui Markets North America, talks with Lee Mielke about some of the contributing factors:

Eyes are watching the dairy markets as cheese tops $2 per pound and then falls back; while butter is climbing again. StoneX broker Dave Kurzawski talks with Lee Mielke about it and warns that board room buyers don’t want $3 butter:

Rabobank’s Global Dairy Quarterly had some insights for U.S. dairy producers. Senior Dairy Analyst Lucas Fuess shared some of them with Lee Mielke:

Cash cheese prices converged and strengthened this week. Was that a result of demand or supply? Matt Gould, editor of “The Weekly Wire” gives Lee Mielke the answer:

Lee Mielke discusses the latest dairy production and prices with StoneX dairy broker Dave Kurzawski:

US fluid milk sales continue to flounder, down 2.4% in 2022 from 2021. Some of the blame is put on plant-based beverages, and the dairy industry has been calling on the Food and Drug Administration to stop such products from using dairy terms like “milk. Lee talks with HighGround Dairy President Eric Meyer over the FDA’s latest position on this issue.

Matt Gould, former analyst and editor of the Dairy and Food Market Analyst newsletter and now editor of The Weekly Wire. He talks with Lee Mielke about the publication’s change over and comments on the January Milk Production report.

The Agriculture Department announced the March Federal Order Class I base milk price at $18.99 per hundredweight, down $1.79 from February and $3.89 below March 2022, lowest Class I since Nov. 2021. The three month average stands at $20.73, down from $21.41 at this time a year ago, and compares to $15.29 in 2021. Courtesy of the Mielke Market Weekly

The Agriculture Department’s latest data shows dairy’s commercial disappearance in 2022 was strong, up 1.6%, according to StoneX broker Dave Kurzawski. He talks with Lee Mielke about the highlights.

US dairy exports ended 2022 on a strong note and added value to U.S. farm incomes, however HighGround Dairy President Eric Meyer is not optimistic about 2023 exports. He talks with Lee Mielke about it.

The number of dairy heifers expected to calve and enter the milking herd this year is down 2% from 2022. What impact will that have on U.S. milk output. StoneX dairy broker Dave Kurzawski talks about it with Lee Mielke on Dairy Radio Now:

The International Dairy Foods Association’s annual Dairy Forum took place last week in Orlando. Ron O’Brien, President of Nui Markets North America, shares his perspective of the Forum with Lee Mielke:

CME dairy product prices are falling to levels not seen in months, or even years. Part of the reason is explained in the USDA’s latest utilization data. HighGround Dairy’s Eric Meyer talks with Lee Mielke about it:

Lucas Fuess joins Lee Mielke in discussing the dairy markets as we enter 2023, but Fuess is wearing a different hat. He is now senior dairy analyst with Rabobank, and headquartered in Chicago.

The first Global Dairy Trade (GDT) of 2023 saw continued weakness Tuesday. Global markets enter 2023 on the defensive, according to Nui Market’s Ron O’Brien. He talks with Lee Mielke about it:

Welcome to 2023! Lee Mielke chats with StoneX Dairy Broker Dave Kurzawski about dairy’s near future:

The Global Dairy Trade’s last main event last week was another disappointing performance. HighGround Dairy’s Lucas Fuess talks with Lee Mielke about China’s impact:

Dairy product consumption in October was a “mixed bag,” according to HighGround Dairy’s Lucas Fuess. He talks with Lee about it.

China remains the big factor in the poor performing Global Dairy Trade and that may continue for awhile, says StoneX dairy broker Dave Kurzawski. He talks with Lee Mielke about it, based on first hand info out of China.

Last week had plenty of headlines from the disappointing Pulse dairy auction to China’s mounting COVID cases and growing government protests, to USDA’s disappointing purchases of dairy products and the possibility of national railway strike. HighGround Dairy’s Lucas Fuess talks with Lee Mielke:

The Agriculture Department announced the November Federal order Class III benchmark milk price at $21.01 per hundredweight (cwt.), down 80 cents from October but $2.98 above Nov. 2021. That put the eleven month average at $22.09, up from $16.96 a year ago and $18.39 in 2020.

The November Class IV price is $23.30, down $1.66 from October, $4.51 above a year ago, and the lowest Class IV since January. Courtesy of the Mielke Market Weekly

The Agriculture Department announced the final Federal order Class I base milk price of the year at $22.58 per hundredweight, down $1.51 from November but $3.41 above Dec. 2021, and the lowest Class I since February. It equates to $1.94 per gallon, up from $1.65 a year ago. The Class I average for 2022 is $23.66, up from $16.83 a year ago and $16.91 in 2020.

September cheese consumption was strong. Tuesday’s GDT reversed direction and head back up. StoneX dairy broker Dave Kurzawski talks with Lee Mielke about both.

GDT trading has been struggling and much of that due to China’s absence but global markets are increasingly important to U.S. dairy farmers. But, global markets “have never been more interdependent than they are currently,” says Ron O’Brien, President of New Zealand-based Nui Markets North America. He talks with Lee Mielke about it:

The September milk feed ratio ended seven months of decline but it will be short-lived, according to dairy economist Bill Brooks of Stoneheart Consulting in Dearborn, Missouri. He talks with Lee Mielke about it:

Butter prices have pulled back and cheese has fallen below $2 per pound. The “elephant in the room is not in the room,” meaning China – but StoneX broker Dave Kurzawski tells Lee Mielke there’s still support under the markets:

August dairy demand tells a story. HighGround Dairy’s Lucas Fuess talks about it with Lee Mielke and has a warning on the high butter price.

The November Federal order Class I base milk price was announced at $24.09 per hundredweight, up $1.38 from October, $6.11 above Nov. 2021, and the highest November price ever, topping to the Nov. 2014 high by 3 cents. It equates to $2.07 per gallon, up from $1.55 a year ago. The eleven month average stands at $23.76, up from $16.61 a year ago and $16.64 in 2020.

Courtesy of the Mielke Market Weekly

The USDA has upped its latest milk production estimate in the World Agricultural Supply and Demand Estimates report. HighGround Dairy’s Lucus Fuess agrees and says the consensus is that U.S. milk output might be a little stronger than normal this fall and into 2023. He talks about it with Lee Mielke.

U.S. dairy exports in August kept U.S. prices strong, according to StoneX dairy broker, Dave Kurzawski. He talks about it with Lee Mielke:

The September Federal order Class III benchmark milk price slipped 28 cents from the previous month but is still $3.29 above September 2021. Unfortunately, it’s the lowest Class III since Dec. 2021. The nine month average stands at $22.24, up from $16.75 a year ago, $17.48 in 2020 and $16.11 in 2019.

The September Class IV price is $24.63, down 18 cents from August, $8.27 above a year ago, and the lowest Class IV since February. The Class IV average is at $24.81, up from $15.26 a year ago, $13.53 in 2020, and 16.21 in 2019.
Courtesy of the Mielke Market Weekly

U.S. butter prices have been in the clouds and part of the reason for that may actually lie in the sometimes controversial Tik Tok social media, according to StoneX dairy broker Dave Kurzawski. He talks about it with Lee Mielke:

The August Milk Production report appears to show a rather large increase in U.S. milk output but StoneX dairy broker Dave Kurzawski puts the numbers into perspective with Lee Mielke.

Dairy product demand was “mostly positive” in July, according to HighGround Dairy’s Lucas Fuess. He talks with Lee Mielke about the details.

U.S. dairy exports remained strong in July. Lee Mielke talks about them with HighGround Dairy’s Lucas Fuess.

Dairy market analyst Bill Brooks joins us on this Labor Day to discuss the dairy markets:

The Got Milk campaign imagined what a shortage of milk would mean to consumers. With July milk output only up 0.2%, do we face a milk shortage in this country? Matt Gould, analyst and editor of the Dairy and Food Market Analyst newsletter, talks about it with Lee Mielke:

Butter hit a seven-year high on Aug 3rd but was short-lived. StoneX broker Dave Kurzawski talks with Lee Mielke about it, and how bullish he is on cheese, despite prices falling below $2 per pound.

The news was mixed this past week with the $1.81 drop in the Class III milk price, however U.S. dairy exports remained strong in June. HighGround Dairy’s Lucas Fuess talks with Lee Mielke about the highlights.

Is it supply or demand controlling the dairy markets? StoneX dairy broker, Dave Kurzawski, talks with Lee Mielke about how things shape up right now.

Tuesday’s GDT weighted average was down 5%. Many point the finger at China and the latest import data would seem to support that. HighGround Dairy’s Lucas Fuess talks about it with Lee Mielke:

The numbers would indicate dairy product demand is slipping however StoneX dairy broker Dave Kurzawski, says you have to put the data into perspective and does so in his talk with Lee Mielke:

Tuesday was not a good day to come back to, following the 4th of July holiday. The GDT dropped 4.1% and CME prices fell as well. Lee Mielke talks about it with Matt Gould, editor of the Dairy and Food Market Analyst.

Are current dairy markets supply directed or demand directed? HighGround Dairy’s Lucas Fuess talks with Lee Mielke about it.

The Agriculture Department announced the June Federal order Class III milk price at $24.33 per hundredweight, down 88 cents from May but $7.12 above June 2021.

That put the 2022 Class III average at $22.95, up from $16.96 at this time a year ago, $16.09 in 2020, and $15.25 in 2019.

The June Class IV price set another new record high at $25.83, up 84 cents from May, and $9.48 above a year ago. Its average sits at $24.67, up from $14.84 a year ago, $13.78 in 2020, and $15.98 in 2019. Courtesy of the Mielke Market Weekly

May milk production was down again. Lee Mielke discusses with analyst Matt Gould:

The Fed put a patch on the gaping hole called inflation, by way of a 75 basis point interest rate hike. StoneX dairy broker Dave Kurzawski talks with Lee Mielke about what that means for the dairy industry:

We got a look at April U.S. dairy exports this week. HighGround Dairy’s Lucas Fuess talks with Lee Mielke about the numbers:

The April All Milk Price set another record high; but feed prices are setting records too. Bill Brooks, dairy economist with Missouri-based Stoneheart Consulting, talks with Lee Mielke about it.

The Agriculture Department announced the May Federal order Class III milk price at $25.21 per hundredweight, up 79 cents from April, $6.25 above May 2021, and a new record high for the Class III. The 2022 average now stands at $22.67, up from $16.91 a year ago, $15.10 in 2020, and $15.05 in 2019.

The May Class IV price is $24.99, down 32 cents from April but $8.83 above a year ago. The five-month average is at $24.44, up from $14.54 a year ago, $13.96 in 2020, and $15.81 in 2019. Courtesy of the Mielke Market Weekly

The $40 billion aid package bill for Ukraine may benefit U.S. dairy farmers, according to the Dairy and Food Market Analyst. Editor and analyst Matt Gould talks about it with Lee Mielke:

Breeding programs on America’s dairy farms are seeing some surprising changes, according to Hoards Dairyman Managing Editor Corey Geiger. He talks to Lee Mielke about it.

Dairy product prices appear to be weakening some – StoneX dairy broker Dave Kurzawski discusses with Lee Mielke:

The Global Dairy Trade auction plunged 8.5% recently but U.S. dairy exports are looking great. HighGround Dairy’s Lucas Fuess talks about it with Lee Mielke:

The recent annual conference of the American Dairy Products Institute and American Butter Institute offered some optimism as well as concern, according to Matt Gould, analyst and editor of the Dairy and Food Market Analyst newsletter. He talks with Lee Mielke about it – and how dairy farmer’s cost of production will top $23 per hundredweight:

Dairy got a boatload of market driving information recently, another big drop in the GDT, insight into where U.S. milk production is headed in the March Milk Production report, and the drop in Chinese dairy imports in March. HighGround Dairy’s Lucas Fuess talks with Lee about it all:

Good Friday Week gave us some startling news showing inflation at a 40-year high of 8.5%, as fuel and food prices skyrocket. Lee Mielke talks about it with StoneX dairy broker Dave Kurzawski:

The fundamental dairy market data is a “mixed bag,” according to analyst and editor, Matt Gould, of the Dairy and Food Market Analyst newsletter. He talks with Lee Mielke about it:

Stone X Dairy Broker Dave Kurzawksi is Lee Mielke’s guest today:

China’s latest dairy import data has been released. Lee Mielke discusses with High Ground Dairy’s Lucas Fuess:

There’s plenty of uncertainty and volatility in the market these days as the war rages on in Ukraine. HighGround Dairy’s Lucas Fuess talks with Lee Mielke about the dairy side of things, specifically USDA’s latest milk production and milk price projections and January export data:

Volatility is the word of the day as the war between Russia and Ukraine rages on. StoneX Dairy Group broker Dave Kurzawski says the markets are focusing on worst case scenarios. He talks with Lee Mielke about what it means for dairy:

The world witnessed the beginnings of war this past week as Russian troops invaded Ukraine. We also saw a large reduction in U.S. milk output and a bullish Cold Storage report. Lee Mielke talks about it with Matt Gould, editor and analyst with the Dairy and Food Market Analyst newsletter:

A much delayed study on updating Federal Market Order make allowances has been released and shows that the cost of processing most products has gone up. That would affect dairy farmer milk prices. StoneX dairy broker Dave Kurzawski talks with Lee Mielke about it on today’s Dairy Radio Now.

U.S. dairy exports were record high in 2021 but hit some headwinds in December. HighGround Dairy’s Lucas Fuess talks with Lee Mielke about what that means for 2022:

Dairy producers saw a nice $2 increase in the January Class III milk price and the latest milk feed ratio inched higher; but there won’t be a Dairy Margin Coverage payment for the month, according to dairy economist Bill Brooks of Stoneheart Consulting. He talks about it with Lee Mielke about it on today’s Dairy Radio Now:

The dairy and futures markets were on a roller coaster this past week but the market did what it was designed to do, says StoneX Dairy’s Dave Kurzawski. He talks with Lee Mielke about it.

November dairy product commercial disappearance continued to look good. High Ground Dairy’s Lucas Fuess discusses with Lee Mielke:

Dairy prices are strong and will likely be around for awhile, according to dairy analyst and editor of the Dairy and Food Market Analyst newsletter, Matt Gould. He adds that the resulting higher milk prices will find their way to the farm this time and talks about it with Lee Mielke:

We are off to the races in this new year. High Ground Dairy’s Lucas Fuess gives Dairy Radio listeners an update, as well as his reaction to the recent USMCA ruling against Canada.

The Agriculture Department announced the December Federal order Class III milk price at $18.36 per hundredweight, up 33 cents from November, $2.64 above December 2020, and the highest Class III since May. That put the year’s average at $17.08, down from $18.16 in 2021 and compares to $16.96 in 2019.

Class III futures portend a January 2022 price at $20.66; February, $22.35; and March at $21.75 per cwt.

The December Class IV price is $19.88, up $1.09 from November, $6.52 above a year ago, and the highest Class IV price since October 2014. The 2021 Class IV average is $16.09, up from $13.49 in 2020, and compares to $16.30 in 2019.
Courtesy of the Mielke Market Weekly

Another new year is upon us and we take look ahead, including the changes USDA has made on the Dairy Margin Coverage program with Bill Brooks, dairy economist with Stoneheart Consulting in Deerborn, Missouri:\

The last week of 2021 is here. The so-called “highlights,” or “low lights” will likely be the same in 2022, according to StoneX dairy broker Dave Kurzawski. He talks about it with Lee Mielke:

The Agriculture Department gave us the latest on U.S. dairy product demand. According to HighGround Dairy’s Lucas Fuess, it was the weakest October domestic disappearance since 2017:

October U.S. dairy exports were “decently impressive,” according to HighGround Dairy’s Lucas Fuess. He talks with Lee Mielke about it and the port congestion issue.

Omicron became the buzzword of “Black Friday” and ever since as another chapter is being written in the ongoing COVID saga. What are the ramifications for the dairy industry? Lee Mielke talks about it with StoneX dairy broker Dave Kurzawski.

Dairy market analyst Bill Brooks joined Lee Mielke to recap how consumers reacted to the recent Thanksgiving holiday:

Hoard’s Dairyman managing editor Cory Geiger gives Dairy Radio listeners a recap of the annual meeting in Vegas.

The European Energy Exchange (EEX) announced the launch of four European cheese indices (indexes) this week. HighGround Dairy’s Lucas Fuess talks about the significance of that and what has happened to U.S. cheese prices. 

NPR’s Scott Simon talks with Dairy Radio Now’s Lee Mielke about the rising price of milk in the markets. Click Here

The October Federal Order Class III milk price jumped $1.30 from September but it’s too little, too late for many dairy operations. Matt Gould, editor and analyst for the Dairy and Food Market Analyst newsletter, talks with Lee Mielke about it:

High Ground Dairy’s Lucas Fuess updated Dairy Radio listeners the latest dairy market conditions.

The GDT was unchanged Tuesday, but the stability of the GDT is not bearish, according to StoneX dairy broker Dave Kurzawski. He talks about it with Lee Mielke:

The September benchmark milk price gained 58 cents this week and futures prices are showing a peak around $17.80. Will that be enough for U.S. farmers to stay in business? StoneX dairy broker, Dave Kurzawski, tackles that question.

The dairy markets had a lot to absorb this week but the smaller than expected 1.1% increase in August milk production and the fact that butter stocks fell below those a year ago for the first time since June 2019 were the top two. Lee Mielke talks about them with HighGround Dairy’s Lucas Fuess.

The Agriculture Department announced the October Federal order Class I base milk price at $17.08 per hundredweight, up 49 cents from September, $1.88 above October 2020, and equates to $1.47 per gallon, up from $1.31 a year ago.

The ten month average stands at $16.48, down from $16.50 a year ago and $16.64 in 2019.
Courtesy of the Mielke Market Weekly

Dairy market analyst Matt Gould updated Dairy Radio Now listeners on the latest export concerns relating to port congestion.

Milk tightness is underpinning the markets, according to Stone X dairy broker Dave Kurzawski. He talks with Lee Mielke about it on today’s Dairy Radio Now:

U.S. dairy exports still looking strong. HighGround Dairy’s Lucas Fuess talks with Lee Mielke about it and why farm milk checks aren’t reflecting that:

Port congestion is exacerbating shipping woes all over the world. Dairy analyst Matt Gould joins us on today’s Dairy Radio Now to discuss dairy’s impact.

The Agriculture Department announced details of the Pandemic Market Volatility Assistance Program to help dairy producers. HighGround Dairy’s Lucas Fuess talks with Lee Mielke about it:

The June Dairy Products report had a few surprises in it but likely isn’t going to influence the market, according to StoneX Dairy’s Dave Kurzawski. He talks about it with Lee Mielke: