Livestock Marketing Information Center

Current Situation and Analysis
Last Updated: 5/13/2022
CLASS III REACHES FOR RECORD HIGH

Class III milk prices reached over $24 per cwt towards the record high from 2014 of $24.60, but was just shy, posting $24.42 per cwt.  Class IV milk prices have posted a new record high in each of the last three months, cascading over $25.31 per cwt in April.  Butter, cheddar barrels & blocks, are all above $2 per pound, and nonfat dry milk (NFDM) is hovering about 10 cents under.  This year has the run-up in prices started with butter increasing from $2.15 per pound in January to holding $2.70 in three of the last four months.


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PASTURE & RANGE

U.S. pasture and range conditions started off worse in 2022 than the prior year even though Western region conditions showed improvement. More than 50% of U.S. pasture and range is rated poor to very poor compared to just under 50% last year. Western pastures are rated under 40% poor and very poor compared to more than 50% a year ago. Great Plains and southern plains states are showing more severe conditions at this time.


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RECORD FIRST QUARTER BEEF EXPORTS

March trade data showed record beef exports while pork exports held steady. Beef exports in March totaled 303.7 million pounds, up 1.2% from last year. It was also the highest beef export level reported for any month of March. March trade also finalized first quarter trade statistics which showed the first quarter of 2022 were record large at 845.8 million pounds, up 6.2% from a year earlier. South Korea, Japan, and China were the top three destinations during the first quarter at 208.9, 186.0, and 145.4 million pounds, respectively.


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