USDA has lowered its projections for 2023 milk production.
In the November Supply and Demand Report, USDA says cow numbers were revised lower in the last Milk Production Report and milk-per-cow growth slowed in the 3rd quarter. That trend is expected to continue through the end of the year.
USDA says 2023 fat basis imports are unchanged, with more expected 4th quarter butter and butter fat imports offsetting lower third quarter imports. The skim solids basis import projections for 2023 were lowered, and 2024 remained the same.