The world’s dairy farmers are facing an existential crisis.

They’ve dumped millions of gallons of milk, slowed output and sold off older cows. Global governments stepped in with stimulus cash that provided some much-needed temporary relief, helping benchmark Chicago milk futures to almost double in two months. But once the aid money starts to dry up, many producers will confront tough choices again: suffer through losses, or pack it all in and shut the farm.

It’s going to be a long time before restaurants go back to serving buttery, cheesy dishes on the scale they did in the pre-pandemic world. While lockdown restrictions are easing, slower economic growth means consumers will be cutting back on dining out and even home-delivery orders.

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