Livestock, Dairy, and Poultry Outlook, November 2017 (summary)
Dairy: With recent price declines for most dairy products in domestic and international markets, lower expectations for exports, and high global stocks of dairy products, the all-milk price forecast for the fourth quarter of 2017 is $17.85-$18.15 per cwt, a reduction from last month’s forecast of $18.10-18.50. The 2018 all-milk price forecast is $16.90-$17.80 per cwt, a reduction from last month’s forecast of $17.45-$18.35. The 2018 all-milk price is now projected to be $0.35 per cwt lower than 2017 at the midpoint of the range. With lower than expected milk production in the third quarter of 2017 and lower expected milk prices, milk production forecasts have been lowered. For the fourth quarter of 2017, the milk production forecast is 53.5 billion pounds, 0.1 billion less than last month’s forecast. For 2018, the milk production forecast is 219.7 billion pounds, 0.7 billion pounds below last month’s forecast.