“Milk production forecasts for 2021 and 2022 are reduced from last month on smaller dairy cow numbers and slower growth in milk per cow. For 2021 and 2022, fat basis import forecasts are unchanged from the previous month, while the fat basis export forecasts are raised on stronger expected sales of cheese and butterfat containing products. The skim-solids basis import forecast for 2021 is lowered slightly on weaker expected imports of milk protein concentrates, but the 2022 forecast is unchanged. Skim-solids basis export forecast for 2021 is reduced on weaker sales of skim milk powder, whey, and lactose; however, the forecast for 2022 is unchanged.
“For 2021, cheese, nonfat dry milk (NDM), and whey price forecasts are raised on current prices and lower expected production. The butter price is lowered slightly on current prices. For 2022, all dairy product prices are raised, largely on tighter supplies. The 2021 and 2022 Class III and Class IV price forecasts are raised from last month on higher dairy product prices. The 2021 all milk price is forecast higher at $18.45 per cwt. The all milk price forecast for 2022 is $19.20 per cwt.”
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