Milk production is on the up and up
Milk production is on the up and up for this marketing year.
USDA’s latest adjustments in milk production show an increase because of cow inventory numbers and a rise in milk output. Compared to last month, the USDA raised the 2022 milk production forecast by 800 million pounds, which is up 500 million from last year.
“That’s reflecting higher cow numbers. We expect milk production to be higher than we’re forecasting in July and will continue to increase year over year. Now, we’re forecasting about a 2.5 billion increase in milk production in 2023 versus 2022,” said USDA’s World Ag Outlook Board Chair, Mark Jekanowski.
He says this type of production increase could put pressure on milk prices.