May 22, 2015 10:48 AM
According to USDA, U.S. milk production continues to strengthen on a YOY basis as spring flush approaches. Apr ’15 production of 17,785 million pounds set a new monthly record high on a daily average basis and finished 1.7% ahead of a year ago. Historically, milk per cow yields have been negatively correlated with All-Milk prices. As milk per cow yields peak during spring flush, average historical All-Milk prices have reached seasonal lows.