The import forecasts for 2024 are unchanged, both on a fat basis and a skim-solids basis. The export forecast for 2024 is unchanged on a fat basis. On a skim-solids basis, the export forecast is raised on higher expected shipments of lactose. For 2025, imports are unchanged on a skim-solids basis but raised on a fat basis due to higher expected shipments of butter and cheese. The forecast for exports on a fat basis is raised due to higher cheese and butterfat-containing products. Skim-solids exports are also raised on higher whey-containing products and dry skim milk products.
The butter price forecast is reduced for 2024, as prices have continued to fall from the relatively high levels they maintained for much of the year through late-September. The cheese price forecast for 2024 is unchanged. Both nonfat dry milk (NDM) and whey price forecasts are raised due to strong demand for both sets of products. For 2025, butter price forecasts are lowered due to relatively higher inventories heading into the 2024 holiday season. The cheese price forecast is raised, based on higher prices and tight inventories in late 2024. Whey and NDM price forecasts for 2025 are both raised based on stronger domestic and international demand. The Class III price forecast is unchanged for 2024. The Class IV price forecast is lowered, with lower butter prices more than offsetting higher NDM. The all milk price for 2024 is lowered to $22.75 per cwt. For 2025, the Class III price is raised on higher cheese and whey price outlooks. The Class IV price is lowered due to lower butter prices offsetting higher NDM. The all milk price forecast for 2025 is raised to $22.85 per cwt.
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