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Joe Glauber, the USDA's chief economist
Joe Glauber, the USDA's chief economist

A macroeconomics view of the milk price crisis

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After a steady rise this winter, milk prices slipped a bit in March. Class 3 milk fetched $12.78, down $1.50 from the February price. That worries the dairy industry, which is recovering from a year of very low prices. The milk price plummeted to 30-year lows in 2009. Joe Glauber says it was the worst example yet of a growing market volatility that needs to be addressed. Glauber is the chief economist for the U.S. Department of Agriculture. He told David Sommerstein high feed and energy prices combined with events overseas to push the milk price down.

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David Sommerstein
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