Milk production, prices
Milk production forecasts for both 2024 and 2025 are lowered from last month based on slower growth in milk output per cow and lower cow inventory numbers.
At 226.3 billion pounds, the 2024 production estimate was lowered 600 million pounds from last month’s report and would be 100 million pounds less than the 2023 total of 226.4 billion pounds.
For 2024, cheese, whey and nonfat dry milk (NDM) price forecasts are raised from the previous month on recent price strength, while the butter price forecast is lowered. The Class III milk price is now forecast at $18.40 per hundredweight (cwt) based on higher cheese and whey prices, and the Class IV price is projected at $20.80 per cwt as higher NDM prices more than offset the reduction in butter prices. The all-milk price forecast is raised a nickel to $22.30 per cwt.
Audrey Schmitz
August 13, 2024
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