Source: USDA
The 2024 forecasts for the average number of milk cows, milk per cow, and total milk production are lowered to 9.335 million (- 5,000) head, 24,200 (-30) pounds, and 225.9 (-0.4) billion pounds, respectively. The downward revisions are in line with recent inventory and production data. With recent dairy price developments, the 2024 wholesale-price forecasts for all dairy products are raised. Overall, the 2024 forecast for the all-milk price is raised to $23.05 (+$0.75) per hundredweight (cwt). The 2025 forecast for milk production is revised downward, due to lower expected milk per cow. The projection for the average number of dairy cows is unchanged. The 2025 wholesale-price forecasts for all dairy products are revised upward. The all-milk price for 2025 is now forecast at $23.45 per cwt, up $0.70 from last month’s forecast.
See the latest Livestock, Dairy, and Poultry Outlook report.
