U.S. milk production is below year-ago levels and milk prices are moving to record highs. If the futures market holds, the average all-milk price for the second half of the year will be at $27 per hundredweight. In more ‘normal’ times, that would lead to significant expansion. However, the DMI-National Milk Producers Federation Dairy Market Report says the cost and availability of feed and other resources may offset that growth.
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