USDA again raised its 2020 and 2021 milk production estimates as milk per cow and herd sizes are expected to increase.
In its November supply and demand report, USDA forecast 2020 cheese, nonfat dry milk, and whey prices higher because of stronger demand. Butter prices were reduced on current and continued weakness expected. The 2020 Class III price was raised on higher cheese and whey prices. The Class IV price was unchanged as higher nonfat dry milk prices offset lower butter forecasts.
