Market Outlook

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

Report Summary

Dairy: Milk production forecasts for 2024 and 2025 remain unchanged from the last projection at 227.3 and 229.3 billion pounds, respectively. Adjusted 2024 price forecasts for dairy products include Cheddar cheese at $1.790 (+9.5 cents), dry whey at $0.435 (+3.50 cents), butter at $2.970 (+3.5 cents), and NDM at $1.175 (+1.5 cents). For 2025, Cheddar cheese is projected at $1.795 (+13.0 cents), dry whey at $0.400 (+2.50 cents), butter at $2.945 (+3.0 cents), and NDM remains unchanged at $1.14. Due to higher dairy product prices, the all-milk price for 2024 is forecast at $21.60 per cwt, up $0.40 from last month’s projection. For 2025, the all-milk price is expected to be $21.50 per cwt, up $0.60 from the previous forecast.

Livestock, Dairy, and Poultry Outlook: June 2024 Feed Outlook: June 2024 Livestock, Dairy, and Poultry Outlook: May 2024 Feed Outlook: May 2024 Cover Crops on Livestock Operations: Potential for Expansion in the United States

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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