1、1Why milk components matter more than milk productionCorey Geiger,Lead Economist,DairySixth-Generation FarmerEditor,Hoards Dairyman,1995 to 2023Director,World Dairy Expo,2020 to presentPresident,Holstein Association USA,2019 to 2022Director,Council on Dairy Cattle Breeding,2019 to 2022Two-Time Award
2、 Winning Published AuthorMilk production(pounds)Milk componentsMilk components matter more than milk production2Milk production vs milk components growth,2011 to 2024Source:USDA.Presentation by Corey Geiger,CoBank.15.9%27.2%11.3%more growth Milk markets and consumer preferences are evolving3Sources:
3、USDA and CoBank Research.Presentation by Corey Geiger,CoBank.Multiple component pricing establishes value for 92%of milkManufactured dairy products now account for 80%of farm milk Full fat products sales are up Fluid milk sales same as 1954(while population has doubled)Base excess plans Ship less wa
4、ter Ship more componentsUSDA milk production report Gold Standard since 1924 Changes in milk composition means the report now gives incomplete pictureCheese and butter absorb more farmgate milk each year 4Sources:USDA-ERS Angel Teran and Jerry Cessna.Presentation by Corey Geiger,CoBank.37.7%42.2%16.
5、3%18.0%2.1%3.1%18.0%10.1%10.5%6.5%14.1%19.6%20002023CheeseFluid beverage milkFrozen dairy productsSour creamOtherButterOver 90%of farm milk is priced on Multiple Component Pricing(MCP)5Monthly federal order butterfat,protein,and other solids prices(dollars per pound)Sources:USDA and Federal Milk Mar
6、keting Order.Presentation by Corey Geiger,CoBank.$0$1$2$3$4$5$6Jan-20Jan-21Jan-22Jan-23Jan-24ProteinButterfatOther solids3.5%3.6%3.7%3.8%3.9%4.0%4.1%4.2%4.3%192419331942195119601969197819871996200520142023Milk is a dynamic,nutritionally improving food6Butterfat percentage,1924 to 2024 Sources:USDA Q