NMPF calls for fair milk pricing

Jun 07, 2024

Board addresses H5N1 response

By Farms.com

The National Milk Producers Federation (NMPF) Board meeting concluded with discussions on fair milk pricing and dairy's response to H5N1 influenza. Randy Mooney, a Missouri dairy farmer, expressed confidence in the industry's resilience.

The U.S. Department of Agriculture is set to unveil its plan for Federal Milk Marketing Order modernization, a move championed by NMPF. The board reviewed recent policy developments, including progress on the 2024 Farm Bill and updates on H5N1 influenza.

NMPF Chief Science Officer Dr. Jamie Jonker led discussions on H5N1, emphasizing its importance to dairy's future. The meeting coincided with NMPF's annual Young Cooperators fly-in, where dairy farmers advocated for the industry with lawmakers.

Dairy farmers urged passage of a Farm Bill, expanded market access for U.S. dairy products, and federal action on milk labeling integrity. The board also considered improvements to the Cooperatives Working Together program and elected three new members.

Video: U.S.-China Trade “Truce” + U.S. Fed Cuts Rates Again

The market was hoping for a US-China trade deal, but we got a trade “truce” for now from the keenly awaited Trump-Xi meeting at the APEC Summit.
China commits to minimum purchase commitments of 12 MMT of U.S. soybeans during the “current season” and a minimum of 25 MMT annually through 2028.
U.S. Treasury Sec Bessent said other Asian countries have agreed to buy additional 19 MMT of US soybean.
Soybean futures trading above $11 now- they normally tend to rally to $12.
As expected, US Fed cuts interest rates by -0.25% again in October to 3.75%–4.00%. No further cuts promised for this year but trade looking out to the Dec FOMC.
The Bank of Canada cut interest rates to 2.25% but raised concern over trade war damage.
Soy meal futures, remarkably, have had 14 consecutive higher close sessions. A bull market in soybeans is a bull market in soy meal!
Cattle futures lower as funds unwind out of cattle for now due to Trump headlines and objective to lower beef prices.
All major stock indices climb to new record highs. It was Mag 7 reporting week, which had mixed results. But we now have the first $5 trillion company in Nvidia!