McCully Consulting


Evolution of Dairy Price Discovery

The evolution of dairy price discovery and risk management While still new in some parts of the world, dairy futures trading started in the early to mid-1990s in the United States at both the New York Coffee, Sugar and Cocoa Exchange and the Chicago Mercantile...

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Can Dairy Be Profitable?

Better Ways to Price Whey Two years ago, I wrote an editorial for Cheese Market News titled “What way to price whey?” which highlighted the problems with price discovery for a variety of whey products. While those problems persist, there are several solutions being...

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Dairy Economics 101

I. Introduction Price volatility in the US dairy industry started 25 years ago following reforms in the 1985 Farm Bill. Changes in dairy policy in Oceania, the EU, and the US have led to increasingly volatile dairy commodity prices. Since 2007, regional dairy markets...

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Setting Up a Commodity Risk

I. Introduction For companies where raw materials are a significant portion of their cost structure, the volatile nature of commodity prices can present challenges to running the business and meeting financial targets. A successful commodity risk management program...

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Milk Pricing 101

I. Introduction Milk pricing in the US is extraordinarily complicated due to the regulated systems of the Federal Milk Marketing Orders (FMMO) in most parts of the country and the California Department of Food and Agriculture’s state order. While they are separate and...

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