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USDA's December 2024 Livestock, Dairy, and Poultry Outlook raised 2024 and 2025 milk production forecasts on more dairy cows. It lowered the 2024 Class III forecast to $18.90/cwt on weaker cheese prices and cut the 2025 all-milk price forecast to $22.55/cwt.
Higher milk supply with weaker cheese and butter prices points to softer dairy product values and lower milk price returns for producers, which can ease feed-buying budgets but signals a bearish milk outlook.
dairyproducer.comTanya EadieDec 17, 2024After 273 past bearish report events, Milk (Class III) moved a median -0.2% over 5 sessions (39% higher; middle half -1.3% to +0.4%), and -1.4% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
