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Stable milk production and tight supplies increases price outlook
USDA left expectations for milk production in 2021 and 2022 unchanged while prices increased.
In its January supply and demand report, USDA raised butter, cheese, nonfat dry milk, and whey prices for 2022 because of firm domestic demand and tight supplies. The Class III and Class IV prices were raised for 2022 because of higher product prices.
The 2022 all milk price forecast was raised $1.85 to $22.60.
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