Milk production forecasts are raised for both 2025 and 2026. Based on the latest Milk Production report, cow inventories are raised for 2025 and milk per cow is raised for both 2025 and 2026.
For 2025 and 2026, commercial exports forecasts are raised on a fat basis, primarily due to competitively priced butter exports, as well as higher cheese and fluid product exports. On a skim solids basis, export forecasts are reduced on lower shipments of nonfat dry milk (NDM).
Import forecasts for 2025 are raised on both a fat basis and skim-solids basis. For 2026, imports are raised on a skim-solids basis, but unchanged on a fat basis.
For 2025, butter, cheese, whey, and NDM price forecasts are raised from the previous month on recent price strength. The all milk price forecast is raised to $21.95 per cwt. For 2026, butter, cheese, and whey price forecasts are raised as strong demand is expected to absorb the growth in milk production. NDM prices are unchanged from the previous month. Class III and Class IV price forecasts are raised as well. The all milk price forecast for 2026 is $21.30 per cwt.
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