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USDA's July 2024 Livestock, Dairy, and Poultry Outlook raised its 2024 forecast for average milk cows to 9.35 million head and lowered milk per cow and total milk output to 24,265 lb and 226.9 billion lb. Wholesale price forecasts for cheese, butter, dry whey and nonfat dry milk were raised, and the 2024 all-milk price was lifted $0.65 to $22.25/cwt.
A higher herd size offset by lower output per cow, combined with raised product price forecasts, points to firmer dairy prices and stronger demand for dairy feed inputs in the year ahead.
dairyproducer.comTanya EadieJul 22, 2024After 237 past bullish report events, Milk (Class III) moved a median +0.0% over 5 sessions (51% higher; middle half -0.3% to +0.6%), and +1.2% 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.
