After a long stretch of low milk prices, the USDA has raised the 2023 all-milk price projection for the first time in months.
USDA Raises All-Milk Price for the First Time in Months
USDA Raises All-Milk Price for the First Time in Months

In its August World Ag Supply and Demand Estimates (WASDE) report, milk production forecasts for 2023 and 2024 were lowered from last month along with cow inventory. Production forecasts for 2023 were lowered to 227.9 billion lbs., down 5 million lbs. from July’s forecast. If realized, milk production for 2023 would be up 0.6% compared to last year. For 2024, milk production forecasts were dropped by 1 million lbs. down to 230.5 billion lbs.

Butter prices also saw a bit of an increase, jumping 6 cents in 2023 to $2.49 per lb. and 8 cents in 2024 to $2.43 per lb. Whey price forecasts were lowered for 2023 as global demand remains weak. The forecast for nonfat dry milk (NDM) saw a slight boost for 2023 while cheese prices jumped 10 cents to $1.77 per lb.

USDA Raises All-Milk Price for the First Time in Months
USDA Raises All-Milk Price for the First Time in Months

Class III milk price predictions for 2023 saw a substantial jump over last month. Prices increased 85 cents to $16.90 per cwt. Class IV predictions also saw a decent jump month-over-month, rising 30 cents to $18.50 per cwt. The all-milk price was raised 40 cents to $19.95 per cwt.

Milk price predictions for 2024 faired similarly to 2023. Class III predictions now stand at $16.55 per cwt., up 60 cents. Class IV forecasts also saw a boost, jumping 35 cents to $17.80 per cwt. The 2024 all-milk price prediction currently sits at $19.35 per cwt., up 25 cents.

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