See the latest Livestock, Dairy, and Poultry Outlook report.
Report Summary
Dairy: The milk production forecast for 2025 is lowered from last month based on smaller-than-expected dairy herd size in 2024 and fewer replacement heifers as of January 1, 2025. Wholesale price forecasts for 2025 have been increased for Cheddar cheese to $1.880 on strong demand, but decreased for dry whey, butter, and nonfat dry milk to $0.605, $2.645, and $1.295 per pound, respectively, based on recent price movements, ample supplies, and weaker-than-expected demand. With the revised price forecasts for dairy products, Class III and IV milk price forecasts for 2025 have been decreased to $19.10 per hundredweight (cwt) and $19.70 per cwt, respectively. The 2025 all-milk price estimate is adjusted lower to $22.60 per cwt. The milk price forecasts account for the updated Federal Milk Marketing Order formulas effective later in 2025.