Learn about the 2024 dairy market outlook: Will more cows and higher prices affect your business? Check out the updated forecasts and price trends now.
The 2024 forecast for the average number of milk cows has been revised upward to 9.350 million head, based on recent inventory data and improved margins. However, the projections for milk per cow and total milk production have been lowered to 24,265 pounds and 226.9 billion pounds, respectively. Wholesale dairy product price forecasts for 2024 have seen an increase: Cheddar cheese is now $1.820 (+3 cents), dry whey is $0.440 (+0.5 cents), butter is $3.005 (+3.5 cents), and nonfat dry milk is $1.185 (+1.0 cents) per pound. The all-milk price for 2024 is now expected to be $22.25 per hundredweight (cwt), up $0.65 from last month’s forecast.
Looking ahead, the 2025 forecast for the dairy herd size has also been revised upward due to higher expected farm margins. Conversely, the projections for yield per cow and total milk production have been adjusted downward. Additionally, wholesale prices for the main dairy products for 2025 have been revised upward. The all-milk price for 2025 is now projected to be $22.50 per cwt, marking an increase of $1.00 from last month’s forecast.
See the latest Livestock, Dairy, and Poultry Outlook report.
