Over the last few weeks we have written that soybean exports in the 2017/18 marketing year are projected lower than last year. We’ve also written about the impact the administration’s announcements, actions and even potential announcements or actions have had on exports of U.S. grain sorghum to China. This article combines those two thoughts. Is the U.S. soybean sector set to follow a similar path as sorghum when it comes to China? USDA weekly export sales data suggests we should be on alert.
U.S. dairy farmers are expected to produce 218.7 billion pounds of milk this year. With total fluid milk sales in the first quarter of 2018 down nearly 2 percent compared to prior-year levels, more and more milk is finding its way into manufactured dairy products such as cheese. Cheese in cold storage totaled 1.35 billion pounds at the end of April 2018, the second-highest total on record since the series began in 1917 and the highest April total ever.