U.S. Dairy Cow Herd Creeps Higher

Chart displaying Milk-Feed price ratio.

USDA-NASS estimated that the U.S. milk cow herd increased in April from the prior month.   As indicated by the milk-feed price ratio, that expansion was supported by producer profitability.  However, since the first of this year there has been a significant errosion in producer margin (milk-feed price ratio declined).  For a dairy sector discussion see the article from the Livestock Monitor below.