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USDA's Livestock, Dairy, and Poultry Outlook raised 2024 forecasts for milk cows, milk per cow and total milk production to 9.345 million head, 24,330 pounds and 227.3 billion pounds. The all-milk price for 2024 was raised by $0.30 to $21.20 per cwt, while nonfat dry milk and dry whey price forecasts were lowered.
Larger herd and output forecasts point to more milk supply, which weighs on dairy product prices, though the higher all-milk price forecast supports dairy feed demand. Buyers should note the bearish supply trend for 2025 wholesale dairy prices.
dairyproducer.comTanya EadieMay 21, 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.
