Dairy Report

July 2, 2009

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The milk- feed price ratio in June was stable with May’s record low level suggesting the dairy farmer margins remained historically poor. Ongoing meager profitability is expected to cause milk production to trend well below 2008 levels this summer. The USDA is forecasting 3rd quarter 2009 milk output to be 2.4% less than the previous year. The CME cheese markets appear to be bottoming and modest cheese market increases are anticipated in the coming months. Relatively engaging butter prices could persist during July due to lethargic export demand.

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