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2024 Milk Production Forecast Reduced, All-Milk Price Looks More Encouraging

In its February World Ag Supply and Demand Estimates (WASDE) report, the USDA lowered its milk production forecast for 2024 due to lower expected output per cow, which is partly offset by higher cow inventories.

Down 1 million lbs. from January’s estimate, the milk production forecast for 2024 now sits at 228.2 billion lbs. Compared to last year, 2024’s forecast stands higher than the 226.6 billion lbs. estimate in February 2023.

Butter price forecasts for 2024 saw positive movement in February, jumping 10.5 cents to $2.77 per lb. On a fat basis, domestic use was raised as a more rapid pace of disappearance occurred during the fourth quarter of 2023 and carried over into 2024.

February 13, 2024


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