The March Dairy Market Report is now available. In January, the average U.S. all-milk price reached its highest level since the final month of the 2013-2014 price spike. At $10.54 per hundredweight, the Margin Protection Program (MPP) margin for November–December was the highest in two years. Also in January, dairy exports continued to improve, representing 13 percent of milk solids production, the second highest-ever January percentage after January 2014’s level of 14.4 percent. At the same time, milk production growth has been steady for several months at a rate of approximately 2.5 percent year-over-year. This has caused cheese production to overtake consumption growth, boosting inventories and putting pressure on prices.