The USDA is continuing to lower its milk production forecast for this year because of slower than expected milk per cow growth and lower cow numbers. The agency also forecasts numbers to remain low in 2020 with higher feed costs and weaker margins expected. In its June supply and demand report, USDA forecast 2019 cheese and whey prices lower while increasing nonfat dry milk and butter prices. Butter and cheese price forecasts for 2020 were raised, nonfat dry milk left unchanged and whey prices were slightly lowered.
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