The good news: U.S. dairy exports reached a record 18 percent of production in April.
The bad news: A brewing trade war could undercut those recent gains, and high butter, cheese and milk powder stocks are depressing U.S. prices.
In this topsy-turvy market, it’s USDA’s Margin Protection Program that is giving U.S. farmers a measure of certainty, said Alan Zepp, risk management specialist with the Center for Dairy Excellence.
He held his monthly Protecting Your Profits call last week.
The Margin Protection Program, which until a recent legislative revamp was derided as unhelpful to farmers, has now triggered a payment for four straight months.
Based on the all-milk price and the costs of…
