It's happened. Mark Stephenson and Bob Cropp have been expecting that milk prices would decline substantially in the face of export competition. And this month, we see evidence of those price declines. Nonfat dry milk prices are at lows not seen in more than 12 years but cheese and butter prices appear to be more resistant to such a change. The video is about 10 minutes long and you can access it from the Podcast section of the web site.