USDA is again lowering its expectations for milk production in 2022 as farmers milk fewer cows and milk per cow slows.
In its March supply and demand report, USDA raised butter, cheese, nonfat dry milk, and whey prices for 2022 because of current prices, reduced production, and continued demand strength. The Class III and Class IV prices were raised because of higher product prices.
The 2022 all milk price forecast was raised $1.50 to $25.05.
