Source: USDA
See the latest Livestock, Dairy, and Poultry Outlook report.
Report Summary
Dairy: The 2024 forecasts for the average number of milk cows, milk per cow, and total milk production are lowered to 9.340 million head, 24,230 pounds, and 226.3 billion pounds, respectively. The downward revisions are in line with recent inventory and production data. With recent price developments, the 2024 wholesale price forecasts for Cheddar cheese, nonfat dry milk (NDM), and dry whey prices are raised, while the price forecast for butter is lowered. Overall, the 2024 forecast for the all-milk price is raised to $22.30 (+$0.05) per hundredweight (cwt). The 2025 forecast for milk production is revised downward due to lower projections for the number of milking cows as well as the expected milk per cow. The wholesale prices for the main dairy products for 2025 are revised upward. The all-milk price for 2025 is now forecast at $22.75 per cwt, up $0.25 from last month’s forecast.
