September’s World Agricultural Supply and Demand Estimates (WASDE)
forecasted reduced cow inventories and milk per cow growth, which resulted in
lower milk production forecasts through the remainder of 2024 and into 2025. The
2024 dairy product productions forecasts increased due to the tight milk supply,
raised prices, and strong demand and are projected to carry over into 2025.
All-milk, Class III, Class IV milk price, specifically, forecasts saw notable
increases and could spill over into 2025.