USDA lowered its forecast for 2022 and 2023 milk production with a smaller expected herd.
In its January supply and demand report, USDA also lowered price forecasts for all components with weak domestic demand and global market price pressure.
The Class III and Class IV prices were lowered.
The 2022 all-milk price forecast decreased 20 cents to $25.55 per hundredweight and the 2023 price dropped $1.95 to $21.60 per hundredweight.
