The USDA has switched expectations for this year’s milk production because of a more rapid increase in cow output and herd size.
RaboResearch senior dairy analyst Lucas Fuess tells Brownfield export demand from Mexico and parts of Southeast Asia have buoyed prices, but longer term, “Those lower Chinese imports will continue to be kind of a dragging factor on an overall kind of core global price recovery moving forward,” he says. “A lot of that driven by the increase in Chinese milk production domestically.”
In the latest supply and demand report, the USDA raised its butter and cheese price forecasts for the remainder of this year while lowering nonfat dry milk and whey prices.
May 10, 2024
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