Market Outlook

See the latest Livestock, Dairy, and Poultry Outlook report.

Summary

Dairy: The forecast for milk production in 2023 and 2024 has been lowered, to 227.5 billion and 230.4 billion pounds, respectively. This is due to a projected decrease in cow numbers, as dairy farmers face tight margins. With lower milk supplies and expected growth in domestic use, the all-milk price forecast for 2023 has been raised by $0.45 to $20.40 per hundredweight (cwt), while the forecast for 2024 is $20.30 per cwt, $0.95 higher than last month's prediction.

Bar and line chart showing trends in milk production per day and number of dairy cows over the last two years

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Livestock, Dairy, and Poultry Outlook: September 2023 Feed Outlook: September 2023 Livestock, Dairy, and Poultry Outlook: August 2023 Feed Outlook: August 2023 Livestock, Dairy, and Poultry Outlook: July 2023

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