The milk production forecast for 2024 is lowered on slower expected growth in milk per cow; cow numbers are unchanged from last month. Fat basis imports for 2024 are raised on higher expected butter and cheese imports. Skim-solids basis imports are raised for a number of dairy products. Fat basis exports are raised on strong international demand for butter and price competitiveness of U.S. cheese. Skim-solids basis exports are lowered as fewer expected shipments of lactose and whey products more than offset higher shipments of nonfat dry milk (NDM) and cheese.
Butter prices for 2024 are raised on observed prices and continued strength in demand. Cheese, NDM, and whey prices are all lowered on recent prices. Class III prices are lowered due to lower cheese and whey price forecasts. Class IV prices are raised due to higher butter prices more than offsetting lower NDM prices. The all milk price for 2024 is projected lower at $20.90 per cwt.
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