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Cornell economist Christopher Wolf explains how US milk supply responds to demand and supply shocks, distinguishing extensive responses such as retaining cows from intensive gains in yield per cow. He notes that adding heifers takes nearly three years to reach the milking herd.
The slow supply response means milk prices can stay elevated for some time after demand or cost shocks, supporting dairy feed demand in the near term.
hoards.comChristopher Wolf, CornellJul 12, 2024Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
