USDA Raises Milk Production Price Forecasts
Production forecasts for U.S. dairy for this calendar year, and next, both rose in the USDA’s latest outlook.
“Both years, we raised by 400 million pounds, so we’re looking at 227 billion pounds milk production for the current calendar year, and 229.2 billion pounds for next year. So, that’s an increase of 2.3 billion pounds year-over-year.”
World Agricultural Outlook Board Chair Mark Jekanowski says from the export side, the fat basis product export forecast also rose for both 2022 and 2023. In terms of dairy prices, there was a mix of dairy price adjustments by category, yet, Class III and IV milk prices were increased for both years.
“The all-milk price for 2022 we raise by 58 cents per cwt to $25.60 cwt," Jekanowski pointed out. "And for 2023, we raised our all-milk forecast price 20 cents. That’s currently at $22.90 cwt.”
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