The January 2015 Dairy Market Report brought to us by Dairy Management Inc. and the National Milk Producers Federation is out.

Milk prices in 2015 will be significantly below last year’s record level, as last year’s tight market conditions continue to reverse themselves. Imports by the major dairy-importing countries are well below levels of a year ago, while milk production is growing in the major dairy-exporting countries. Prices will stay depressed until imports pick up and the international expansion of milk production slows. Feed costs will stay at current moderate levels due to large volumes of stored grain from last year’s harvest. The Department of Agriculture reported that more than half of U.S. dairy farms – or 23,000 – have enrolled in the new Margin Protection Program.

The complete report shares insights into commercial use of dairy products, U.S. dairy trade and overall milk production numbers.