Fat and skim-solids bases imports for 2024 are reduced from last month; for 2025, imports are raised on both a fat basis and skim-solids basis. The 2024 fat basis export forecast is raised due to higher expected shipments of butter and milkfat. The 2024 skim-solids basis export forecast is unchanged. The fat basis export forecast for 2025 is unchanged with offsetting changes for a number of dairy products. The skim-solids basis export forecast for 2025 is raised on more competitive pricing for U.S. non-fat dry milk (NDM) on the global market.
The price forecasts for 2024 cheese, NDM, and whey are all raised from the previous month based on recent price strength. The butter price forecast for 2024 is lowered. The Class III price is raised based on higher cheese and whey prices. The Class IV price is also raised, as higher NDM prices more than offset the reduction in butter prices. The all milk price is raised to $22.30 per cwt. For 2025, the price forecasts for cheese, butter, NDM, and whey are all raised based on reduced milk production and continued firm demand domestically and in international markets. As a result, Class III and Class IV price forecasts are both raised. The all milk price is also raised to $22.75 per cwt.
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