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Strong demand expected to lift dairy prices

The USDA has left milk production for this year and next unchanged from last month’s estimate. 

In its latest supply and demand report, the department raised butter, cheese, whey, and nonfat dry milk price forecasts for 2024 because of recent price strength. The Class III and Class IV prices were also increased.

The all milk price for this year improved by 40 cents to $21.60 per hundredweight.

USDA expects strong demand to continue into next year and helping support butter, cheese, and whey prices.  Nonfat dry milk prices were left unchanged, while Class III and Class IV prices were raised. The 2025 all milk price forecast increased 60 cents to $21.50 per hundredweight.

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