USDA calling for reduced milk prices and production

The USDA is forecasting milk production to decline this year and remain flat in 2024. The agency is calling for farmers to pull back on milk per cow growth.

In its June supply and demand report, the USDA raised its forecast for 2023 butter and nonfat dry milk prices because of recent price strength and strong demand, while cheese and whey prices were lowered. USDA is forecasting the Class III price lower but Class IV to increase.

Next year the agency is reducing expectations for cheese and whey prices while increasing nonfat dry milk prices. Butter prices are unchanged. The Class III price is forecasted to be lower but Class IV higher.

The 2023 all milk price forecast declined 55 cents to $19.95 per hundredweight. USDA reduced the 2024 all milk price by 25 cents from last month to $19.65.

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