USDA has again lowered its milk production forecast for this year and next because of lower cow numbers and slower growth in milk per cow. The agency says relatively week returns should make for a smaller herd size next year.
In its December supply and demand report, USDA forecast cheese prices lower for 2018 because of market weakness and large stocks. Butter, nonfat dry milk prices and whey were unchanged. Cheese and butter prices for next year were also lowered again from the previous month while nonfat dry milk was unchanged and whey prices were raised because of low stocks.
Continue reading USDA lowers dairy forecasts again at Brownfield Ag News.
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