The USDA is forecasting milk production for this year and next to remain unchanged from last month’s estimate.

In the latest supply and demand report, the USDA raised its butter, cheese, whey, and nonfat dry milk price forecasts for 2024 because of recent price strength. The Class III and Class IV prices were also increased.

The all milk price for this year improved by 40 cents to $21.60 per hundredweight.

USDA expects strong demand to continue into next year and lift butter, cheese, and whey prices.

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