NEW ULM — Milk prices have fallen by more than one-third since last fall, putting a crunch on dairy farmers after several profitable years.

Minnesota Public Radio News reports the downturn’s duration is unclear, but some Minnesota farmers are already losing money month-to-month. New Ulm dairy farmer Steve Hoffman says he lost more than $1,000 in January, after having what he called “by far the best year” he’s had.

Milk imports to China, a major buyer of late, are projected to go down by about $1 billion. The European Union is set to lift milk production caps next month, and University of Minnesota professor Marin Bozic says the likelihood of added supply is weighing on prices.

Bozic says even a short-term drop in prices could make some farmers think of leaving the dairy business.