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Dairy: Milk production forecast for 2023 is raised from last month based on recent revised data showing a higher number of cows for January 2023. In 2023, cheese prices are lowered on larger expected supplies and continued softness in demand. With lower prices expected for cheese, the Class III milk price forecast for 2023 has been lowered to $17.55 per cwt, $0.35 lower than last month’s forecast. With slightly higher prices for butter and NDM, the Class IV price forecast has been raised to $18.30 per cwt, up $0.05 from the previous projection. With the changes in component prices, the all-milk price forecast for 2023 has been decreased to $20.45 per cwt, $0.25 lower than last month’s forecast.
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