February 17, 2021: Dairy Week In Review

The latest USDA Livestock, Dairy and Poultry Outlook summarized the 2020 dairy situation by pointing to strong dairy export growth, a Class III price that exceeded the weighted-average Class I price in all but four months of the year, and dairy product stocks that built considerably during the year. On a milk-fat basis, ending dairy stocks totaled 15.625 billion pounds, 2.002 billion pounds higher than at the end of 2019. For 2021, the report increased the milk production forecast to 227.4 billion pounds, 0.7 billion pounds higher than last month’s forecast. The report also lowered the all-milk forecast to $17.15 per cwt., down 50 cents from last month’s forecast. Dairy exports are expected to continue to be strong. Read More