Milk supply and use estimates for 2024 are adjusted to reflect December domestic and trade data.
For 2025, milk production is reduced due to lower expected cow inventories. On a fat basis, domestic use is lowered as less production and lower imports tighten supplies. Fat basis exports are lowered, as higher butter exports are more than offset by lower fluid and dry milk and cream products. Skim-solids basis domestic use is also lowered based on the tighter production outlook. Skim-solids basis exports are lowered on decreased exports of nonfat dry milk (NDM) and whey.
Milk and dairy product price forecasts reflect the updated price formulas of the Federal Milk Marketing Order, as published in the Federal Register on January 17, 2025 by the Agricultural Marketing Service. Butter, NDM, and whey prices for 2025 are all lowered based on recent prices. The cheese price is raised on recent prices and tight inventories from 2024 that are expected to carry into 2025. Class III and Class IV prices in 2025 are lowered. The all milk price estimate for 2024 is raised to $22.61 per cwt based on reported data through December. The all milk price forecast for 2025 is lowered to $22.60 per cwt.
Be the first to comment