What can the dairy industry expect in the year ahead?

"We increased our milk production forecast for 2020 and also for 2021 and in both cases that reflects both higher milk per cow and higher cow numbers," said World Outlook Board Chair, Mark Jekanowski.

He added this comes in spite of higher feed costs, adding he expects minor changes for imports and exports.

"We reduced our import basis dairy product imports that mainly reflects a reduction in butterfat products, but as the same timer we also increased our export forecast. And that also is reflecting higher exports of butter fat products so some offsetting factors there."

Jekanowski said USDA did not make many changes in its dairy price expectations for 2020, but adjusted price forecasts upward for primary dairy categories in 2021.  

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