Milk Production Expected To Drop
“Given weaker returns going forward along with a few other factors we reduced our milk production forecast by 900,000 pounds this month."
But, despite that, dairy production year-over-year is still forecasted up according, to USDA world agricultural outlook board chair Mark Jekanowski. He noted dairy trade projections include lower exports and increased imports.
“Fat basis imports we raised 100 million pounds this month, mainly reflecting imports of cheese. Exports we reduced, also reflecting lower U.S. exports cheese and some various fluid and dry products. On the skim solids basis we reduced our export forecast 400 million pounds.”
USDA meanwhile adjusted all milk product and class prices lower from the previous month with butter price below exception the all-milk price is now $20.70 cwt [a hundred weight] down $0.70 from last month.
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