USDA lowers milk production forecast

Production forecasts lowered to 227.1 billion pounds
calendar icon 20 November 2023
clock icon 1 minute read

US milk production forecasts for 2023 and 2024 have been lowered to 227.1 billion pounds (-0.5 billion) and 230.0 billion pounds (-0.4 billion), respectively, as the dairy herd is expected to further contract and the average yield per cow is expected to grow at a slower rate, according to the USDA's most recent Livestock, Dairy, and Poultry Outlook report.

The all-milk price forecast for 2023 is unchanged at $20.70 per hundredweight, while the forecast for 2024 is raised to $20.80 per hundredweight to account for higher price projections for most dairy products, although the butter price projection is lowered as the market is expected to soften for the rest of 2023 and 2024.

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