The Agriculture Department lowered its milk production forecast in its sixth consecutive World Agriculture Supply and Demand Estimates report. The forecast was reduced due to slower expected growth in milk per cow while cow numbers were unchanged from last month’s report.
2024 production and marketings were projected at 226.3 billion and 225.3 billion pounds, respectively, down 1 million pounds on both from last month’s estimate. If realized, both would be down 100,000 pounds or 0.04% from 2023.
The 2024 Class III milk price was projected to average $16.20 per hundredweight, down 95 cents from last month’s estimate, and compares to $17.02 in 2023 and $21.96 in 2022.
By LEE MIELKE For the Capital Press
Apr 16, 2024
