The July Federal order Class III milk price is $15.45 per hundredweight (cwt.), down 99 cents from June but 21 cents above July 2016 as lower cheese, dry whey, and nonfat dry milk prices pulled the benchmark lower. Monday, August 14, 2017
The 2017 U.S. milk production forecast was lowered for the fourth month in a row by the Agriculture Department's latest World Agricultural Supply and Demand Estimates (WASDE) report issued July 12. Monday, July 24, 2017
The Agriculture Department again lowered its 2017 and 2018 milk production forecasts from last month in its latest World Agricultural Supply and Demand Estimates (WASDE) report "as lower expected growth in milk per cow more than offsets expected gains in cow numbers."
Market bulls received more fodder in the May 16 Global Dairy Trade (GDT) auction. The weighted average for all products offered shot up for the fifth consecutive event, up 3.2 percent, following gains of 3.6 percent on May 2, 3.1 percent jump April 18, 1.6 percent April 4, and 1.7 percent on March 14.