Milk production for 2020 is raised from last month on higher expected cow numbers. The fat basis import forecast is raised from the previous month on higher imports of butter fat products, while the fat basis export forecast is reduced on lower expected sales of cheese. The 2020 skim-solids basis import forecast is raised from last month on recent trade data and expectations of higher imports of a number of dairy products. The skim-solids basis export forecast is raised primarily on higher skim milk powder and lactose exports.
Price forecasts for cheese, butter, and nonfat dry milk are raised from the previous month on recent price strength and stronger anticipated demand. The whey price forecast is lowered from last month. Class III and Class IV prices are raised for 2020. The all milk price forecast is raised to $16.65 per cwt for 2020.
The 2021 milk production forecast is raised from last month on higher expected cow numbers and stronger growth in milk per cow. The fat basis import forecast is reduced while the export forecast is unchanged. The skim-solids basis import forecast is reduced from the previous month while the export forecast is unchanged.
For 2021, cheese, butter, and nonfat dry milk price forecasts are raised from the previous month while whey is lowered. The 2021 Class III and Class IV price forecasts are raised from last month. The all milk price forecast is raised to $16.20 per cwt for 2021
The complete June WASDE report can be viewed here