Market Outlook

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

Report Summary

Dairy: The forecasts for the herd size and milk per cow in the fourth quarter of 2024 are unchanged; however, the forecasts for the year are adjusted, reflecting 2024 third-quarter data. Consequently, 2024 milk production is forecast at 226.0 billion pounds, 0.2 billion pounds higher than the previous forecast. With recent price movements and higher-than-expected third-quarter inventories, the 2024 price forecast for butter is revised downward. The price forecasts for dry whey and nonfat dry milk are revised upward on tight inventories and strong international demand. The all-milk price forecast for 2024 is lowered to $22.75 per hundredweight (cwt). The changes in 2024 product price forecasts are carried into 2025, along with an upward revision for the Cheddar cheese price forecast. The all-milk price forecast for 2025 is raised to $22.85 per cwt.

Livestock, Dairy, and Poultry Outlook: November 2024 Feed Outlook: November 2024 Livestock, Dairy, and Poultry Outlook: October 2024 Feed Outlook: October 2024 Livestock, Dairy, and Poultry Outlook: September 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