For 2024 commercial exports are raised on a fat basis, largely due to higher expected shipments of cheese. Skim-solids basis exports are unchanged. For 2025, exports are raised on a fat basis and a skim-solids basis based on expectations of continued strong international demand. Imports for 2024 are raised for both a fat and skim-solids basis, supported by higher expected butter and milk protein containing products, respectively. Import forecasts for 2025 are raised as well.
For 2024, butter, cheese, whey, and nonfat dry milk (NDM) price forecasts are raised from the previous month on recent price strength. With the changes in product prices, Class III and Class IV prices are raised. The all-milk price forecast is raised to $21.60 per cwt. Strong demand for dairy products is expected to carry into 2025 and prices are raised for butter, cheese, and whey. The forecast for NDM is unchanged. As a result of higher product prices, Class III and Class IV price forecasts are also raised. The 2025 all milk price forecast is $21.50 per cwt.
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