World Agricultural Supply & Demand Estimates (WASDE) : Dairy

Milk production in 2025 is forecast to increase from 2024, driven by higher milk per cow and an expanding milk cow herd. With increases in a number of products, commercial exports are expectedto grow on both a fat and skim-solids basis. Imports are forecast lower, both on a fat and skim-solids basis. Domestic use is forecast to increase on a fat and skim-solids basis. Stocks are forecast lower on both a fat and skim-solids basis. The Class III and Class IV price forecasts are lower, as prices for cheese, butter, nonfat dry milk (NDM), and whey are all expected to decline due to larger milksupplies. The all milk price is forecast at $20.90 per cwt.

The 2024 milk production forecast is raised based on an increase in dairy cows and more rapid growth in output per cow. On both a fat and skim-solids basis, imports are raised and exports are lowered. Domestic use is higher on both a fat and skim-solids basis, as well. The cheese price is raised, but the whey price is lowered. The butter price forecast is raised, while the NDM price is lowered. The Class III price forecast is raised, as higher cheese prices more than offset the lower whey. The Class IV price forecast is lower, as higher butter prices are more than offset by the lower NDM. The all milk price forecast for 2024 is raised to $21.20 per cwt.