The USDA is expecting lower 2024 milk production to be partially offset by higher cow inventories. Their latest supply and demand report says the estimated 2023 all-milk price is down to $20.48 per hundredweight and the forecasted 2024 all-milk price is up to $20.95 per hundredweight.
On a fat basis, domestic use and fat-basis exports are both raised, with higher expected butter and cheese exports, as the United States is expected to be competitive on the international market.
