The fat basis import forecast for 2024 is raised, reflecting recent trade data and strong domestic demand, particularly for butter and cheese. The forecast for 2024 skim-solids basis imports is unchanged. Imports for 2025 on both a fat and a skim-solids basis are raised on tighter milk supplies and strong domestic dairy product prices. Fat basis and skim-solids basis exports for 2024 are raised based on strong international demand for dairy products. The skim-solids export forecast for 2025 is lowered due primarily to weaker price competitiveness. The fat basis export forecast for 2025 is unchanged.
For 2024, forecasts for cheese, butter, nonfat dry milk (NDM), and whey are all raised based on strong recent prices and lower milk production. As a result, the Class III and Class IV milk price forecasts are raised. The all milk price forecast for 2024 is raised to $23.05 per cwt. Tighter milk supplies and firm demand are expected to carry the higher price outlook into 2025, with raised prices for cheese, butter, NDM, and whey. Thus, Class III and Class IV milk WASDE-652-5 price forecasts are raised for 2025. The all milk price forecast for 2025 is raised to $23.45 per cwt.
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