Between cutbacks from China and an embargo by Russia, their imports dropped 16.3 billion pounds. Meanwhile, global milk supplies expanded. The big question is: How will U.S. processors re-balance their stocks of dairy powders?

U.S. exporters were singing ‘Come Sail Away’ but the world wasn’t joining in. Overseas prices sounded more like ‘I’ll Tumble For Ya.’

U.S. dairy exporters have become stronger. Exports have increased an average of 20% a year in the last decade.

Global dairy markets are cyclical, so as conditions turn next year, it may be more challenging for U.S. suppliers to defend the share they gained in 2013. USDEC's Alan Levitt identifies five things to keep an eye on that could shape the market outlook.