NOTE: The WASDE report only considers trade policies that are in effect at the time of publication. Further, unless a formal end date is specified, the report also assumes that these policies remain in place.
The milk production forecast for 2025 is raised on larger cow inventories and slightly higher milk per cow. Imports are lower on both a fat and skim-solids basis, primarily due to additional duties placed on imported dairy products, in particular imports of butter fats and milk protein products. Exports on a skim-solid basis are reduced, primarily on lower shipments of dried skim milk products and whey products. Exports on a fat basis are raised on higher expected shipments of butter.
Prices for butter, cheese, nonfat dry milk (NDM), and whey are all lowered for 2025 on recent prices and higher expected milk supplies. Class III prices are lowered on lower cheese and whey prices. Class IV prices are lowered on lower butter and NDM prices. The all milk price is projected lower to $21.10 per cwt.
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