USDA Predicts More Milk Production, Lower Prices
Milk production forecasts are up for 2022 and 2023.
“That’s reflecting higher cow numbers," said World Agricultural Outlook Board Chair Mark Jekanowski. "We expect milk production to be higher than we were forecasting in July and will continue to increase year-over-year. Now we’re forecasting about a 2.5 billion increase in milk production in 2023 v. 2022.”
The higher production, he noted, is putting pressure on prices, in both product and class; lower across the board for both years. Jekanowski said that means for both fat and skim solid basis milk products.
“Higher dairy exports, maybe a little bit softer dairy imports, the export forecast is tempered a little bit by concerns of economic growth going into 2023 and the potential effects of the stronger dollar.”
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