News
Dairy production tempers while prices increase
The USDA has raised its milk production forecast for this year but reduced it for next year because of stronger expected milk per cow but a smaller herd.
In its September supply and demand report, USDA forecast 2019 and 2020 cheese, nonfat dry milk, and whey prices higher while butter prices were lowered.
The 2019 and 2020 Class III price was raised on higher cheese and whey prices and the Class IV price was lowered as lower butter prices more than offset higher nonfat dry milk prices.
The 2019 and 2020 all milk prices were increased a nickel to $18.35 and $18.85 per hundredweight respectively.
Exports on a fat basis exports for 2019 and 2020 were lowered because of weaker expected demand globally for U.S. butterfat products. The skim-solids basis export forecast for 2019 was reduced because of weak dairy product production but raised for 2020 because of strong demand globally for lactose.
Tags: butter, Dairy, Exports, milk, milk price, milk production, Nonfat dry milk, Supply and Demand Report, USDA, WASDE, whey
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