While these low spot prices traditionally take place in late winter and spring, this year’s swoon was well below the five-year average. Midwest Class III spot milk prices eventually turned positive in early August largely lifted by slowing milk production in both July and August. The combination of low milk prices and record beef prices caused dairy farmers to send more cows to packing plants (Exhibit 3). The low milk checks could have levied a far worse toll had it not been for improved milk price mitigation strategies. The biggest wild card for milk prices is China, the world’s leading dairy-product importer, which is mired in an economic downturn.