The USDA is forecasting milk production to decline this year and remain flat in 2024. The agency is calling for farmers to pull back on milk per cow growth.
In its June supply and demand report, the USDA raised its forecast for 2023 butter and nonfat dry milk prices because of recent price strength and strong demand, while cheese and whey prices were lowered. USDA is forecasting the Class III price lower but Class IV to increase.
