Finances & Profitability
Compared to last month, the USDA left the 2023 milk production estimate unchanged but reduced 2024 production expectations 1 billion pounds from the previous report.
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Who is in your corner when times get tough?
Evaluating fixed and variable costs throughout the operation can help identify areas where cost and labour savings can be achieved. However, cow comfort is an area that should not be cut.
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USDA milk production lower due to lower cow inventories
The 2024 milk production forecast was lowered from last month. In addition, strong demand and price strength raised cheese and butter prices, while nonfat dry milk and whey price forecasts were lowered based on recent prices.
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More than a buzzword: Farming for profit and sustainability
Meeting consumer demands and changing industry standards can incite concern over undue financial pressure; however, in the case of environmental initiatives, responding to these changes may result in improved dairy profitability.
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Carbon markets 101: The evolving landscape of biogas and RNG
The rise of renewable natural gas and biogas underscores the need for standardized carbon accounting, private sector involvement in risk management and a deeper look at the carbon credit projects best suited to dairy farms.
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USDA outlook sees slower-than-expected growth in milk production
Recent gains in butter and nonfat dry milk prices have eroded more rapidly than previously expected.
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Taming a new economic environment
The current Canadian dairy economy faces challenges of growing imports, increasing volumes of SNF and record-high interest rates.
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Benchmarking: A way to optimize the profitability of your dairy farm
Benchmarking is a financial tool that aids in decision-making by helping farmers see their profits, trends and where to focus their attention to improve profitability.
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