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US dairy producers are focusing on butterfat and protein levels because component prices strongly drive milk checks. Butterfat tests have risen to above 4.0% in the Upper Midwest, with a 4.25% average in January 2022.
Higher component levels reflect strong butterfat prices and efficient feeding, which can increase milk output per cow. The trend has limited direct effect on feed price levels.
Not 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.