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Joe Horner

Dairy Outlook. Joe Horner. July 17, 2014. Dairy Outlook in a Nutshell. Supply Neutral US cow numbers – rising slowly US milk per cow – rising slowly US milk production – rising at 1.5% long term average US dairy product stocks slowly rebuilding Demand Bearish

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Joe Horner

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  1. Dairy Outlook Joe Horner July 17, 2014

  2. Dairy Outlook in a Nutshell • Supply Neutral • US cow numbers – rising slowly • US milk per cow – rising slowly • US milk production – rising at 1.5% long term average • US dairy product stocks slowly rebuilding • Demand Bearish • Domestic – Sticker shock weakening demand • Exports – NZ/AU coming on strong, China imports slowing • Outlook Profitable • Margins strong as feed costs drop faster than milk prices • Production constrained by cull prices & cow numbers

  3. Stocks – Neutral Neutral Bullish Neutral Neutral

  4. Dairy Price Outlook

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