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DAIRY DEMAND, PRICES HELP OFFSET HIGH INPUT COSTS

The latest World Agricultural Supply and Demand Estimates report from the U.S. Department of Agriculture forecasted this year’s average all-milk price at $21.60 per hundredweight nationally. Josh Maples, an agricultural economist with the Mississippi State University Extension Service, said this is an improvement from last year, but still below 2022 levels, when prices hovered around $25 per hundredweight.


“Demand for dairy products in the U.S. and globally is strong in 2024,” Maples said. “Dairy prices have been stronger in 2024 and are expected to get higher. Cheddar cheese, dry whey and butter prices are all expected to be stronger in 2024 than a year ago. Both imports and exports are expected to be higher than in 2023.”


Inputs, Maples noted, remain a key challenge for dairy producers, even in a positive market.



July 8, 2024

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