In the USDA’s World Agricultural Supply and Demand Estimates (WASDE) issued May 12, milk production for 2024 is forecast above 2023, driven by gains in milk per cow and an additional milking day. Commercial exports on both fat and skim-solids bases are forecast higher than 2023. Gains are expected in butter and milkfat products, non-fat dry milk (NDM), cheese, whey, and lactose. Imports are projected unchanged on a fat basis but higher on a skim-solids basis, with higher imports of cheese, milk proteins, and several other dairy products offset by lower butter fat products. The Class III price is forecast lower on weaker whey prices. The Class IV price is forecast lower aswell, with prices for butter and non-fat dry milk projected lower. The 2024 all milk price is forecast at $19.90 per cwt.
May 16, 2023