USDA continues its expectations for lower milk production 2021 and 2022 because of lower cow numbers and milk per cow.
In its December supply and demand report, USDA raised butter, cheese, and whey prices for 2021 because of current prices and strength in demand. Nonfat dry milk was unchanged. The Class III price was raised for 2021 because of higher cheese and whey prices. The Class IV price was raised because of higher butter prices.
