Source: USDA
U.S. dairy milk production is expected to decline in 2024 due to lower yields from aging cows, adverse weather, and limited replacements. Imports are projected to increase, while exports will remain relatively stable. Price forecast changes for wholesale dairy products will vary, leading to lower prices for Class III and IV milk. The all-milk price for 2024 is forecast at $22.80 per cwt. In 2025, milk production is expected to rise modestly compared to the previous year’s forecast, while domestic use is projected to expand due to both increased production and lower prices. Prices for dairy products will generally decline, with Class III and IV milk prices remaining lower than in 2024. The all-milk price for 2025 is forecast at $22.75 per cwt.
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