Source: USDA
Report Summary
Dairy: Milk production forecasts for 2024 and 2025 remain unchanged from the last projection at 227.3 and 229.3 billion pounds, respectively. Adjusted 2024 price forecasts for dairy products include Cheddar cheese at $1.790 (+9.5 cents), dry whey at $0.435 (+3.50 cents), butter at $2.970 (+3.5 cents), and NDM at $1.175 (+1.5 cents). For 2025, Cheddar cheese is projected at $1.795 (+13.0 cents), dry whey at $0.400 (+2.50 cents), butter at $2.945 (+3.0 cents), and NDM remains unchanged at $1.14. Due to higher dairy product prices, the all-milk price for 2024 is forecast at $21.60 per cwt, up $0.40 from last month’s projection. For 2025, the all-milk price is expected to be $21.50 per cwt, up $0.60 from the previous forecast.
The Livestock, Dairy, and Poultry Outlook for June 2024 analyzes economic impacts of month-to-month changes in USDA’s “World Agricultural Supply and Demand Estimates” report on domestic and international markets for beef, lamb, pork, poultry, eggs, and dairy products.
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