The fat basis import forecast for 2024 is lowered based on recent trade data. For 2025 fat basis imports are raised on imports of butter and cheese. The skim-solids import forecast is also lowered for 2024 and raised for 2025. The fat basis export forecasts are raised for both2024 and 2025 on higher shipments of butter and cheese. The skim-solids export forecasts are reduced for both 2024 and 2025 primarily on less competitive nonfat dry milk (NDM).
For 2024, cheese and butter prices are forecast lower, NDM is unchanged, and whey is higher, all based on recent prices. The Class III price is lowered, as the lower cheese price more than offsets higher whey. The Class IV price is unchanged. The all milk price for 2024 is reduced to $22.65 per cwt. The lower prices for cheese and butter are expected to continue into 2025. The price forecast for NDM and whey are increased on higher-thanpreviously expected demand. The Class III price is reduced on lower cheese price forecasts. The Class IV price is raised, with higher NDM more than offsetting lower butter prices. The 2025 all milk price is reduced to $22.55 per cwt.
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