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USDA dairy outlook: July 2013

USDA dairy outlook: July 2013
As it always does, USDA’s Dairy Outlook mirrors the numbers and themes provided in the previous week’s  World Ag Supply & Demand Estimates (WASDE) report. In its sequestration-abbreviated outlook released on July 17, USDA raised projected 2013 milk production estimates by 200 million lbs. from a month earlier, but kept 2014 production estimates steady. Despite weaker forecast milk prices, forage supplies and feeding margins will likely continue to support modest gains in milk production.
• 2013 production and marketings were projected at 202.0 billion lbs. and 201.1 billion lbs., respectively. If realized, 2013 production and marketings would be up about 0.8% from 2012.
• 2014 production and marketings were projected at 204.5 billion lbs. and 203.6 billion lbs., respectively. If realized, 2014 production and marketings would be up about 1.2% from 2013.
To see quarterly and annual USDA milk price projections, along with closing prices on the Chicago Mercantile Exchange for the same day, click here.
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