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Era of Limited Consolidation
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Persistent Low-Grade Misery?
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Return to Historic Relationship
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Not Much $18 Milk @ <$4 Corn
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Lost Fluid Sales
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Alternative Sales Still Growing
Alternative milk sales at ~$1.6 billon Not just beverage: big growth elsewhere in “dairy” section
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Losing Out on Exports, Too
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Especially High-Value Exports
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And the US Needs to Export
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Systemic Challenge
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EU:+50 Billion Pounds in 10 Years
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Herd Size US average herd size at 234 cows EU still at 33 cows
Consolidation in EU won’t be much fun for anyone
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€41B in Direct Payments per Year
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€41B in Direct Payments per Year
EU has a history of supporting agriculture through a variety of social and market disrupting programs Between 2015 and 2020, EU Commission plans to spend €293 billion in direct payments alone – about €41 billion per year. Direct Payment Types: Green Payments, Young Farmers Programs, Small Farmer Supports, Basic and Voluntary Payment Schemes Additionally, EU supports producers through programs like SMP and Butter Intervention and Private Storage Aid
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US Policy to Dull Market Signals
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