October 17, 2018
PITY THE POOR MALTHUSIANS:
America Is Drowning in Milk Nobody Wants (Deena Shanker and Lydia Mulvany, October 17, 2018, Bloomberg)
The amount of milk dumped by farmers in the northeastern U.S. reached almost 145 million pounds through July, including 23.6 million pounds that month alone. Dairy cooperatives will likely be forced to heavily discount milk prices in the coming months as a result, going below the current futures price for benchmark Class III milk, which goes into making cheese, and is currently under $16 per 100 pounds--a price that has farmers treading water, said Dave Kurzawski, a Chicago-based broker at INTL FCStone.
Posted by Orrin Judd at October 17, 2018 4:06 AM