In USDA’s World Agricultural Supply and Demand Estimate released at noon Eastern Time today, the agency upped its estimate of the 2015 All-Milk price by a nickel, saying the price will average $16.90 to $17/cwt for the year.
But it did lower the 2016 All-Milk estimate by a like amount, and says the All-Milk price next year will be less than $17/cwt. The range for next year is much lower--$16.05 to $16.95.
USDA’s milk production estimate for 2015 remains unchanged, at 208.9 billion lb. of milk. Next year, it expects U.S. milk production to climb to 213 billion lb.
Corn prices for the 2015-2016 marketing year are expected to average $3.50 to $4.10/bu. Soybeans are expected to average $8.40 to $9.90/bu, and soybean meal, $310-$350/ton.
Read the full report here.