The USDA anticipates that milk output will fall in 2024 as cow stockpiles rise. The predicted all-milk price for 2023 is $20.48 per hundredweight, down from $20.95 in 2022. Domestic usage and fat-based exports are likely to increase, particularly butter and cheese exports. The USDA predicts less fat-based imports. Domestic consumption of skim-solids is also predicted to increase as a result of a higher-than-expected disappearance in late 2023. The USDA predicts increased cheese, butter, nonfat dry milk, and whey costs in 2024. Class III and IV prices are also projected to rise. Milk output in January was 228.3 billion pounds, a 100 million-pound rise over the previous month.
