Source: USDA
Report Summary
The forecasts for the herd size and milk per cow in the fourth quarter of 2024 are unchanged; however, the forecasts for the year are adjusted, reflecting 2024 third-quarter data. Consequently, 2024 milk production is forecast at 226.0 billion pounds, 0.2 billion pounds higher than the previous forecast. With recent price movements and higher-than-expected third-quarter inventories, the 2024 price forecast for butter is revised downward. The price forecasts for dry whey and nonfat dry milk are revised upward on tight inventories and strong international demand. The all-milk price forecast for 2024 is lowered to $22.75 per hundredweight (cwt). The changes in 2024 product price forecasts are carried into 2025, along with an upward revision for the Cheddar cheese price forecast. The all-milk price forecast for 2025 is raised to $22.85 per cwt.
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