The USDA is forecasting milk production to increase this year with a larger-than-expected cow herd.
In its April supply and demand report, USDA raised cheese and butter prices because of recent price strength. Whey prices were also increased on stronger expected demand. Nonfat dry milk was lowered.
USDA is forecasting Class III higher and Class IV prices to decline.
The 2023 all milk price forecast increased 20 cents to $20.65.
