The USDA expects milk production to remain unchanged for the rest of this year and increase in 2023 because of higher output-per-cow and more cows.
In its December supply and demand report, USDA increased butter and cheese prices because demand strength while whey and nonfat dry milk prices are unchanged. Next year, the agency expects butter and cheese prices to increase because of continued demand, but nonfat dry milk and whey prices to decline because of global markets.
