The USDA recently raised its price forecast for dairy products across the board.
“This largely is reflecting kind of a rebound in food service demand as the economy starts to reopen and restaurants and food service and hotels start to see an increase in their business,” said USDA World Outlook Board chair Mark Jekanowski. “Cheese and butter products in particular heavily used by the food service industry. On the dry side of things non-fat dry milk and dry whey we increased our prices for those as well because it’s just the prices there are being supped by international demand strong export demand for those products.”
Jekanowski noted USDA raised its price expectations for Class III and Class IV milk.
“All milk price forecast we raised this month by 65 cents CWT and that would be up just fractionally from last year. Nearly equal to last year.”
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