The U.S. Department of Agriculture again lowered its milk production forecasts for 2023 and 2024 in its latest World Agriculture Supply and Demand Estimates based on “an expected decline in cow numbers reflecting the average July 2023 cow number reported in the recent Milk Production report.
The U.S. Department of Agriculture announced the August federal order Class III milk price at $17.19 per hundredweight, up $3.42 from July but $2.91 below August 2022 and the highest Class III since April. The eight-month average stands at $16.98, down from $22.54 at this time a year ago and $16.78 in 2021.
The U.S. Department of Agriculture lowered its 2023 and 2024 milk production forecasts in the latest World Agricultural Supply and Demand Estimate report, stating, “The cow inventory is lowered for both years based on the July 1 dairy cow inventory and heifer retention data provided in the recent cattle report as well as the average cow inventory data in the latest milk production report. Output per cow was reduced for 2023 but unchanged for 2024.”
The U.S. Department of Agriculture left its 2023 milk production forecast unchanged in its latest World Agricultural Supply and Demand Estimates report but lowered the 2024 estimate, citing lower cow inventories and slower growth in milk per cow.