Pandemic Weakening Milk Prices; Industry Calls for Policy Action [April 10, 2020] [open pdf - 681KB]
From the Document: "Milk price prospects for U.S. dairy producers in 2020 have weakened as the U.S. economy deteriorates under the expanding Coronavirus 2019 (COVID-19) pandemic. The year began with a positive outlook for the dairy industry that included higher milk prices and increased income for dairy producers in 2020, according to the U.S. Department of Agriculture (USDA). The dairy industry has gone through several years of relatively low milk prices, leading some dairy farms to exit the industry and two large dairy processors to file for bankruptcy. In 2019, according to USDA, the number of licensed dairy herds declined from 37,468 to 34,187, a nearly 9% drop. Almost every state lost dairies last year."
CRS Insight, IN11326
Congressional Research Service: https://crsreports.congress.gov/