March 14: "Oligopoly Intermediation, Relative Rivalry and the Mode of Competition," Steve Hamilton, California Polytechnic State University, 10:30am-12:15pm, Warren 401
March 14: "Land and Land Use Rights in China," Prof. Cal Turvey, 3-4:30pm, 423 ILR Conference Ctr., Sponsored by the Insitute for the Social Sciences at Cornell (ISS)
March 21: 10am-7pm
March 26: Genesee Grand Hotel, Syracuse, Cosponsored by NY FarmNet and the Family Business Center, More Information & Register
Research and Extension
Dairy Replacement Programs: Costs & Analysis 3rd Quarter 2012
Faculty in the News
Areas of Expertise
Agricultural Policy, Economics of Agricultural Markets
"Since the mid-1990s, the farm price of milk has fluctuated in a pronounced cyclical pattern. When milk prices are heading down, farmers express concern that retail prices won’t follow and thereby make it harder to get supply and demand back into balance around more average prices. When they are heading up, downstream industry and consumer voices worry about impacts on affordability and consumption.
"In early 2014, we are hitting a new high for the price of milk paid by fluid milk processors. The March 2014 price, already established, will exceed by about 20 cents per gallon the previous highs in 2004, 2007, 2011, and 2012. The January 2014 farm value of milk used by fluid processors is comparable to the December 2013 price. At that time, the national average for the retail price of a gallon of milk hit $3.58, nearly identical to the $3.55 estimated for this January.
"So, will retail milk prices hit a new high level in the next few months? Assuredly they will.
"Farm values for milk are being impacted today primarily by world market conditions that have driven demand ahead of supply. U.S. market conditions portend increasing milk production over the next few months that will likely bring prices down somewhat later this year. However, the bigger news is that demand in China and other emerging markets is exerting an effect on the value of milk all over the planet, including the U.S."
For interviews with Prof. Novakovic, contact Joe Schwartz in Cornell's Media Relations office.