USDA released the World Agricultural Supply and Demand report showing their estimate for milk production this year to total 228.3 billion pounds. This is a reduction of 900 million pounds from their January estimate. This would be 1.7 billion pounds above the level of milk production in 2022. They adjusted milk prices significantly. The average Class III price was lowered $0.95 to $17.90. The average Class IV price was lowered $1.00 from January to an estimate of $18.25. The All-milk price was lowered to $20.70. a decrease of $0.90.
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