The dairy industry has seen huge swings in the market. “We had $2 cheese and we went to $1 cheese and then it was $3 cheese and now we’re back in the neighborhood of $2 again,” said Michael Dykes, president/CEO, International Dairy Foods Association. With the loss of the foodservice business, some food processors have been unable to fulfill contracts. Others have seen a buildup in inventories. Dykes says access to capital is critically important for those companies. The dairy recourse loan program is still part of the discussion for the latest COVID-19 relief package.
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