Market Outlook

219

Source: USDA

See the latest Livestock, Dairy, and Poultry Outlook report.

Report Summary

Dairy: The 2024 forecasts for the average number of milk cows, milk per cow, and total milk production are raised to 9.345 million head, 24,330 pounds, and 227.3 billion pounds, respectively. The 2024 price forecasts for Cheddar cheese and butter are also raised, while the forecasts for nonfat dry milk and dry whey prices are lowered. Overall, the 2024 forecast for the all-milk price is raised by $0.30 to $21.20 per hundredweight (cwt). For 2025, milk production is projected year-over-year higher due to elevated projections for both the dairy herd and milk per cow. The wholesale prices for the main dairy products are projected year-over-year lower. The 2025 all-milk price is projected at $20.90 cents per cwt.