Market Outlook

See the latest Livestock, Dairy, and Poultry Outlook report.

Report Summary

Dairy: The 2024 forecast for the average number of milk cows is revised upward to 9.350 million head on recent inventory data and improved margins. The forecasts for milk per cow and total milk production are lowered to 24,265 pounds and 226.9 billion pounds, respectively. Wholesale dairy product price forecasts for 2024 are raised as follows: Cheddar cheese $1.820 (+3 cents), dry whey $0.440 (+0.5 cents), butter $3.005 (+3.5 cents), and nonfat dry milk $1.185 (+1.0 cents) per pound. The all-milk price for 2024 is now forecast at $22.25 per hundredweight (cwt), up $0.65 from last month’s forecast. The 2025 forecast for the dairy herd size is revised upward on higher expected farm margins, while the forecasts for yield per cow and total milk production are revised downward. The wholesale prices for the main dairy products for 2025 are revised upward. The all-milk price for 2025 is now forecast at $22.50 per cwt, up $1.00 from last month’s forecast.

Structure, Costs, and Technology Used on U.S. Dairy Farms Livestock, Dairy, and Poultry Outlook: July 2024 Feed Outlook: July 2024 Livestock, Dairy, and Poultry Outlook: June 2024 Feed Outlook: June 2024

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Organic Dairy and Beef Producers Face Limited Markets, Feed Grain Shortages U.S. Dairy Productivity Increased Faster in Large Farms and Across Southwestern States Farm Milk Components and Their Use Among Dairy Products Have Shifted Over Time Growth in U.S. Dairy Product Exports to Southeast Asia Depends on Competition With Other Major Dairy Exporters Plant-Based Products Replacing Cow’s Milk, But the Impact Is Small

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Dairy Data Milk Cost of Production Estimates Feed Grains Database Livestock and Meat Domestic Data Farm Income and Wealth Statistics

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Cattle & Beef Corn and Other Feed Grains Farm & Commodity Policy Agricultural Baseline Commodity Outlook