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More production but better demand lifts dairy prices
USDA is again calling for dairy production to increase primarily because of increasing cow numbers.
In its April supply and demand report, USDA raised product prices because of improving domestic and export demand. Prices of cheese, butter, nonfat dry milk, and whey are also raised boosting Class III and Class IV prices.
The 2021 all milk price forecast was raised 65 cents to $18.40 per hundredweight.
The 2021 fat basis export estimate was increased on higher shipments of cheese. The skim-solids basis export forecast was also increased because of strong shipments of skim milk powders and whey while lactose shipments remain relatively weak.
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