The USDA ERS market report forecasts a minor rise in dairy exports in 2024, although strong domestic demand and limited milk production growth could hinder this. The 2024 predictions for dairy herd size, milk per cow, and total milk production have been reduced, while dairy import forecasts have been increased. The average price forecasts for butter and cheddar cheese have been raised, while those for dry whey and nonfat dry milk have been lowered. The all-milk price forecast for 2024 has been increased to $21.25 per hundredweight.
Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.
Original content
Compared with 2023, dairy exports on a skim-solids milk-equivalent basis should increase slightly this year—about 0.2%. Relatively strong domestic demand for dairy products and limited growth in milk production will likely limit export growth, according to a recent USDA ERS market report. The forecasts for dairy herd size, milk per cow, and total milk production in 2024 have been lowered relative to the last month’s forecast to 9.335 million head, 24,345 pounds, and 227.3 billion pounds, respectively. With expectations of firm domestic demand and based on recent trade data, the 2024 dairy import forecasts have been revised upward, while US dairy export forecasts have been revised downward. The 2024 average price forecasts for butter and ...
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