Well, the latest news is USDA’s announcement increasing the Dairy Product Price Support Program (DPPSP) levels.
Immediately, prices went up on the CME. Well, butter did not go up. And, if you notice in the announcement, there was no increase in the DPPSP for butter. Once again, there seems to be no “official” note of the fact that cows give both skim and cream.
Nevertheless, the rise in cheese and NFDM price will translate into bigger farm milk checks. Will this be enough – probably not.
For a bureaucracy dedicated to status quo any movement is a minor miracle.