More Milk, Lower Prices: Dairy industry’s 2024 forecast

USDA’s dairy outlook for next year shows more milk, lower prices, and a relatively good outlook.

Milk is projected up $2.2 billion pounds in 2024, or about one percent. The Department’s Outlook Board says the dairy herd will be smaller but milk output per cow is expected to see an increase. Product prices and milk class prices are expected to be down across the board. Across the dairy aisle, prices for cheese, butter, and other goods are also projected down.

“Cheese prices down just slightly, almost rounding to zero, but butter prices are expected to be down about $0.09 per pound. Non-fat dry milk prices are down about $0.07 per pound and the class prices, which again are based on the product prices, those are also expected to be down year over year class 3 price. We’re forecasting right now at $17.50 per hundredweight. Class 4 price is $17.35 per hundredweight, so those each are down $0.25 and $0.95 per hundredweight respectively. And the all-milk price is forecast to fall to just under $20 per hundredweight $19.90 per hundredweight that would be down $0.60.

The 24 top milk-producing states saw production rise 0.5 percent in April. USDA also revised their March production estimates to 19 billion pounds, a tenth of a percent higher.

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