@article{MacDonald:262200,
      recid = {262200},
      author = {MacDonald, James M.  and Cessna, Jerry  and Mosheim,  Roberto },
      title = {Changing Structure, Financial Risks, and Government Policy  for the U.S. Dairy Industry},
      address = {2016-03-01},
      number = {1477-2017-3966},
      series = {Economic Research Report Number 205},
      pages = {75},
      year = {2016},
      abstract = {Congress reorganized dairy policy in the Agricultural Act  of 2014 when it eliminated  three programs and created the  Dairy Margin Protection Program. The new program  aims to  provide farmers with financial protection against risks  from increasing vola - tility in milk and feed prices.  These developments occurred amid ongoing structural  change  toward larger dairy farms, as well as ongoing change in  dairy product demand,  away from fluid milk, and toward  manufactured products sold in domestic and export  markets.  This report focuses on the interrelated topics of  structural change in dairy  production, changes in dairy  product markets, growing price volatility, and dairy   policy. It details the major developments in each, traces  the linkages among them, and  identifies the challenges  that structural change, evolving product markets, and price   volatility pose for policy. ----- Errata On May 17, the  following corrections were made to ERR-205,  Changing  Structure, Financial  Risks, and Government Policy for the  U.S. Dairy Industry . Three cells in Table 3 were updated  as  follows: “Western States, 3,000-3,999 head in 1992"  (19), “Traditional States, 1,000-1,999 head  in 1997" (54),  and “Other States, 1,000-1,999 head in 2002" (56). On page  10, the State in which  Shamrock Farms is located was  corrected. In addition, Appendix table A-2 was updated to  reflect  return-on-equity calculations for the full rather  than a restricted sample of dairy farms.},
      url = {http://ageconsearch.umn.edu/record/262200},
      doi = {https://doi.org/10.22004/ag.econ.262200},
}