The dairy industry is no stranger to price volatility. In recent years, the price of milk has risen and fallen in lockstep with a dizzying variety of production and consumption challenges. More recently, a decline in milk prices and global market changes have vexed U.S. dairy producers.
We recently spoke with Dr. John Newton, Chief Economist for the National Milk Producers Federation, to help us understand the intricate market forces that have driven down the cost of milk and to explain how industry leaders can offset these challenges.
“A cheese producer, I’m sure, if they’ve been in the business long enough, has seen the price volatility of dairy commodities throughout the year, and this year is no exception,” Newton explains as he tells us the details behind the fluctuating market.
So what can producers do in the face of these changes, and what do China, Russia, the European Union, and American butter powder have in common? Listen to the story above to find out!
