by T.C. Jacoby & Co. - Dairy Traders
Experienced dairy traders discuss current market trends that affect payments to dairy farmers.
Language
🇺🇲
Publishing Since
3/9/2022
Email Addresses
1 available
Phone Numbers
0 available
April 15, 2025
In this week’s episode of The Milk Check, we strap in for a wild ride. From tariff chaos to spring flush milk surpluses, the market is anything but predictable.<br /> <br /> <br /> <br /> Join Ted Jacoby and the team of experts as we cover key topics, including:<br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> The spring milk flush and its impact on processing plants<br /> <br /> <br /> <br /> Cream demand firming up but still long<br /> <br /> <br /> <br /> Butter market volatility and how cream shortages are affecting prices<br /> <br /> <br /> <br /> Tariffs and how they're impacting the international dairy trade<br /> <br /> <br /> <br /> <br /> Our team of experts break down the current dairy climate and offer insights on navigating these turbulent waters.<br /> <br /> <br /> <br /> Listen now to The Milk Check episode 76: Tariff talk takes dairy on a wild ride.<br /> <br /> <br /> <br /> The Jacoby Team:<br /> <br /> <br /> <br /> <br /> Brianne Breed, senior vice president, cheese trading<br /> <br /> <br /> <br /> Diego Carvallo, director, dry dairy ingredient trading<br /> <br /> <br /> <br /> Gus Jacoby, president, fluid dairy ingredients & dairy support<br /> <br /> <br /> <br /> Jacob Menge, vice president of risk management & trade strategy<br /> <br /> <br /> <br /> Joe Maixner, director of sales, dairy ingredients<br /> <br /> <br /> <br /> Josh White, vice president, dairy ingredients<br /> <br /> <br /> <br /> Miguel Aragón, director of international cheese sales, Latin America<br /> <br /> <br /> <br /> Mike Brown, vice president, dairy market intelligence<br /> <br /> <br /> <br /> Ted Jacoby III, CEO & president, cheese, butter & dry ingredients<br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> Intro (with music): Welcome to The Milk Check, a podcast from T.C. Jacoby & Company, where we share market insights and analysis with dairy farmers in mind<br /> <br /> <br /> <br /> Ted Jacoby III: Welcome everybody. It is April 11th, 2025. We've had a lot going on in the last couple of weeks. Trump initiated some tariffs, took some tariffs off, and raised some tariffs. I think we landed in various different spots when the dust started to settle, and I'm pretty sure that the dust hasn't settled yet. So, this market discussion could be completely out of date by the time we get back on Monday.<br /> <br /> <br /> <br /> I've asked a lot of my traders to join us for this discussion. My brother Gus is representing the Fluid Group and talking a little about milk and cream. We've got Diego with international sales and non-fat. We've got Brianne here to talk about cheese. We've got Joe here to talk about butter, and we've got Josh here to talk about whey, as well as Miguel to help Bri with cheese. And then we've got Mike Brown joining us.<br /> <br /> <br /> <br /> And so we're just going to go around the horn and talk about our various dairy products. Obviously, we can't avoid the topic of tariffs today. Let's start where the milk starts, and start with milk. Gus, what's going on in milk right now?<br /> <br /> <br /> <br /> Gus Jacoby: Well, we're in the middle of the spring flush. So, in areas like the Mideast, Northeast, and even areas on the Eastern Atlantic, you have some pretty long milk. But an interesting dichotomy for the discussion is that there are areas of the country that aren't so long. It's mostly areas where a lot of milk-processing capacity has been added, like the I-29 corridor up in South Dakota or down the Southwest.<br /> <br /> <br /> <br /> Those areas aren't quite as tight, but nonetheless, where it is long, for example, in the Mideast, there have been a number of plant shutdowns for periods that have made it really long for certain stretches. You add in some higher components, and you're in for some interesting times right here in the middle of April.<br /> <br /> <br /> <br /> Ted Jacoby III: So we're about a week away from Easter.
April 11, 2025
In this episode of The Milk Check, find out why some dairy producers may be eyeing the exit. Sarina Sharp, risk manager at Ag Business Solutions and the writer behind TC Jacoby’s Weekly Market Report joins the Jacoby team this week. Sarina brings invaluable insights as we dig into critical topics like:<br /> <br /> <br /> <br /> <br /> Milk prices and financial stability: How long can dairy farmers survive with Class III prices dipping below $17?<br /> <br /> <br /> <br /> Supply chain shifts: How whiplash tariffs, changing federal orders, and fluctuating demand are affecting the U.S. dairy market.<br /> <br /> <br /> <br /> Bird flu and milk production: How the bird flu has changed U.S. milk production, and where it may strike next.<br /> <br /> <br /> <br /> <br /> Tune in to The Milk Check episode 75: Exit stage left: Why some producers are selling out while they can. If you like milk (and we know you do), then pour yourself a mug and tune in for insights on how to navigate this uncertain landscape and stay ahead in the coming months.<br /> <br /> <br /> <br /> Special Guest:<br /> <br /> <br /> <br /> <br /> Sarina Sharp, risk manager, Ag Business Solutions, and market analyst for the Daily Dairy Report<br /> <br /> <br /> <br /> <br /> The Jacoby Team:<br /> <br /> <br /> <br /> <br /> Josh White, vice president, dairy ingredients<br /> <br /> <br /> <br /> Ted Jacoby III, CEO & president, cheese, butter & dry ingredients<br /> <br /> <br /> <br /> Mike Brown, vice president, dairy market intelligence<br /> <br /> <br /> <br /> Gus Jacoby, president, fluid dairy ingredients & dairy support<br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> Intro (with music):<br /> <br /> <br /> <br /> Welcome to The Milk Check, a podcast from T.C. Jacoby & Company, where we share market insights and analysis with dairy farmers in mind.<br /> <br /> <br /> <br /> Ted Jacoby III:<br /> <br /> <br /> <br /> Welcome everyone to the March 28th, 2025, edition of The Milk Check, a T.C. Jacoby & Company podcast. It is my pleasure to welcome a couple of special guests to the podcast this week, first, Sarina Sharp of Ag Business Solutions and the Daily Dairy report. Welcome to the podcast, Sarina. Most of you know that Sarina is also the writer of the T.C. Jacoby Weekly Market Report, which we publish every Friday. Sarina, we're honored to have you join us today. More importantly, thank you for the partnership. I can't tell you how often I get compliments on the weekly report that you write for us, so thank you very much.<br /> <br /> <br /> <br /> Sarina Sharp:<br /> <br /> <br /> <br /> Thanks for having me. Thrilled to hear it.<br /> <br /> <br /> <br /> Ted Jacoby III:<br /> <br /> <br /> <br /> In addition, we have a few of our usual suspects: my brother Gus, head of our fluid group; Josh White, head of our dairy ingredients team, and I am excited to announce that Mike Brown, formerly of IDFA and Kroger fame, is joining the Jacoby team as our new vice president of Dairy Market Intelligence. Mike, I am excited to have you on the team, and I look forward to having you on this podcast as a regular presence.<br /> <br /> <br /> <br /> Mike Brown:<br /> <br /> <br /> <br /> Well, thank you, Ted. I'm delighted to be here. It's good to be back in markets and away from government regulation. I'm very excited about the opportunity. And Sarina, I am really looking forward to working with you. I've been a fan for decades now. Appreciate that opportunity to work with you as well.<br /> <br /> <br /> <br /> Sarina Sharp:<br /> <br /> <br /> <br /> Time flies.<br /> <br /> <br /> <br /> Ted Jacoby III:<br /> <br /> <br /> <br /> It sure does. So my first question is this. We've been talking for probably a couple of years now about the heifer replacements and the issue that's been evolving because many dairy farmers are breeding to beef simply because it's really hard to pass up $700 for a black cow rather than spen...
March 14, 2025
Dairy markets have taken a hit, with prices dropping across the board.<br /> <br /> <br /> <br /> Global economic uncertainty, tariff concerns, and weak demand have sent prices for cheese, butter, nonfat dry milk, and whey tumbling. Our team tackles this and more, including:<br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> Pricing market predictions by dairy product category<br /> <br /> <br /> <br /> Tariffs and demand changes for U.S. products<br /> <br /> <br /> <br /> Global strategies to diversify supply chains and potential long-term impacts<br /> <br /> <br /> <br /> A potential shift on feed strategies and butterfat production<br /> <br /> <br /> <br /> <br /> Don't miss Ted Jacoby III and his expert panel's market discussion on what's going on and what may be coming next. <br /> <br /> <br /> <br /> Listen now to The Milk Check.<br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> Intro (with music)<br /> <br /> <br /> <br /> Welcome to The Milk Check, a podcast from T.C. Jacoby & Co., where we share market insights and analysis with dairy farmers in mind.<br /> <br /> <br /> <br /> Ted Jacoby III:<br /> <br /> <br /> <br /> Welcome everybody to this month's version of The Milk Check. We're going to have an old-fashioned market discussion this month. Joining me today is Diego Carvallo, Director of Dry Ingredient Trading, especially on the international side, Greg Scheer, our Milk Marketing Manager, Jacob Menge, Vice President of Risk Management and Trade Strategy, Jared Miklasz, Sales Manager for the UFC Group, UF Milk and Cream, Joe Maixner, Director of Sales for Dairy Ingredients, and our Head Butter Trader, Josh White, our Vice President of Dairy Ingredients, and Miguel Aragon, Director of International Cheese Sales for Latin America. We're recording March 7th.<br /> <br /> <br /> <br /> Before we get started, let me say this: stick around, and don't go when we start to say goodbye. We're going to have a Marvel version of this podcast. After we said goodbye, we ended up having another 15 minutes of conversation. That may have been the best part of the whole conversation. Thanks everybody.<br /> <br /> <br /> <br /> Pretty much every single one of our markets has been down 20 to 30 cents in the last month, whether it's cheese, butter, non-fat, or whey. They all seem to be down 20 to 30 cents. Jake, is this a function of all of the tariff rhetoric coming out of the Trump administration, or is there something else going on?<br /> <br /> <br /> <br /> Jacob Menge:<br /> <br /> <br /> <br /> It's tough to separate the components of what are really driving these markets. I think tariff talk is absolutely part of it. In our last podcast we mentioned that uncertainty just weighs on markets, and there's more uncertainty today than I would say. There was the last podcast we did. The can has gotten kicked on the Mexico tariffs. I'm not sure how many times you can do that.<br /> <br /> <br /> <br /> This time when it happened, we saw it in equity markets, they didn't really pop like they did last time. The can got kicked on tariffs and equities were like, "Oh, okay, good." And when it happened yesterday, equities really just continued. They're crying lower. I'm only bringing that up because this is obviously a macroeconomic-driven dairy and equities market.<br /> <br /> <br /> <br /> Tariffs are part of the problem, but demand is just poor, according to everything we've seen. I think we'll hear from all of our product traders. That is certainly a factor, but it’s tough to blame anything.<br /> <br /> <br /> <br /> Ted Jacoby III:<br /> <br /> <br /> <br /> All right, well, let's start with butterfat today. I'm going to ask Jared and Joe together. The butter market is down 20 to 30 cents, and the cream market has been ugly since Christmas. What's going on on the demand side? Will this market stay this way all year, or is it a classic seasonal phenomenon?<br /> <br /> <br />
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