USDA | USDA RAISES ALL-MILK PRICE FOR THE FIRST TIME IN MONTHS
In its August World Ag Supply and Demand Estimates (WASDE) report, milk production forecasts for 2023 and 2024 were lowered from last month along with cow inventory. Production forecasts for 2023 were lowered to 227.9 billion lbs., down 5 million lbs. from July’s forecast. If realized, milk production for 2023 would be up 0.6% compared to last year. For 2024, milk production forecasts were dropped by 1 million lbs. down to 230.5 billion lbs.
Butter prices also saw a bit of an increase, jumping 6 cents in 2023 to $2.49 per lb. and 8 cents in 2024 to $2.43 per lb. Whey price forecasts were lowered for 2023 as global demand remains weak. The forecast for nonfat dry milk (NDM) saw a slight boost for 2023 while cheese prices jumped 10 cents to $1.77 per lb.
Augst 18, 2023