The Federal Reserve Board’s Federal Open Market Committee (FOMC) voted to maintain the interest rate for federal funds at 5.5%.

The four-month decline in U.S. cow numbers may have come to a halt.

DMC margins are expected to improve through the end of 2023, but current futures prices indicate indemnity payments at top coverage levels are likely in 10 of 12 months.

From this week's USDA World Ag Supply and Demand Estimates (WASDE) and Crop Production reports to Rabobank's quarterly Global Dairy update, Progressive Dairy summarizes factors potentially impacting dairy producer income.

May-July U.S. agriculture trade deficit is likely the largest in history.

Private-lender interest rates on agricultural loans are moving higher and so are rates on loans through the USDA’s Farm Service Agency.

The milk income over feed cost margin should have finally reached bottom in July.

Here’s an update on risk management tools available through the USDA and/or USDA’s Risk Management Agency (RMA), as well as other information impacting your milk check.

Here’s Progressive Dairy’s monthly review of the numbers to provide some additional transparency to your milk check.

Reductions in cow numbers and weaker average milk output per cow contributed to a decline in U.S. and major state milk production in July, the first year-over-year decline since June 2021-22.