Spreadsheet: 28c8f2be-05f9-45f9-9c43-1ed69bff3c6a
Sheet: Sheet1

Dairy Forecasts | Unnamed: 1 | Unnamed: 2 | Unnamed: 3 | Unnamed: 4 | Unnamed: 5 | Unnamed: 6 | Unnamed: 7 | Unnamed: 8 | Unnamed: 9 | Unnamed: 10 | Unnamed: 11 | Unnamed: 12 | Unnamed: 13 | Unnamed: 14 | Unnamed: 15 | Unnamed: 16 | Unnamed: 17 | Unnamed: 18 | Unnamed: 19 | Unnamed: 20 | Unnamed: 21 | Unnamed: 22 | Unnamed: 23 | Unnamed: 24 | Unnamed: 25 | Unnamed: 26 | Unnamed: 27
 |  |  |  |  |  |  | 2012 |  |  |  |  |  |  |  | 2013 |  |  |  |  |  |  |  |  |  | 2014
 |  |  |  |  | III |  | IV |  | Annual |  | I |  | II |  | III |  | IV |  | Annual |  | I |  | II |  | III |  | Annual
Milk cows (thous.) 1/ |  |  |  |  | 9211 |  | 9203 |  | 9233 |  |  |  |  |  | 9226 |  | 9215 |  | 9220 |  | 9225 |  | 9240 |  | 9260 |  | 9250
Milk per cow (pounds) |  |  |  |  | 5284 |  | 5335 |  | 21696 |  |  |  |  |  | 5355 |  | 5400 |  | 21865 |  | 5555 |  | 5725 |  | 5420 |  | 22190
Milk production (bil. [NAME]) |  |  |  |  | 48.7 |  | 49.1 |  | 200.3 |  | 50.5 |  | 52 |  | 49.4 |  | 49.8 |  | 201.7 |  | 51.2 |  | 52.9 |  | 50.2 |  | 205.3
Farm use |  |  |  |  | 0.2 |  | 0.2 |  | 1 |  | 0.2 |  | 0.2 |  | 0.2 |  | 0.2 |  | 1 |  | 2 |  | 2 |  | 2 |  | 1
Milk marketings |  |  |  |  | 48.4 |  | 48.9 |  | 199.4 |  | 50.3 |  | 51.7 |  | 49.2 |  | 49.5 |  | 200.7 |  | 51 |  | 52.7 |  | 49.9 |  | 204.3
Milkfat (bil. [NAME] milk equiv.)
Milk marketings |  |  |  |  | 48.4 |  | 48.9 |  | 199.4 |  | 50.3 |  | 51.7 |  | 49.2 |  | 49.5 |  | 200.7 |  | 51 |  | 52.7 |  | 49.9 |  | 204.3
Beginning commercial stocks |  |  |  |  | 14.7 |  | 13.2 |  | 10.9 |  | 12.2 |  | 15.1 |  | 16.9 |  | 14.3 |  | 12.2 |  | 11.8 |  | 14.6 |  | 15.8 |  | 11.8
Imports |  |  |  |  | 1 |  | 1.3 |  | 4.1 |  | 1.1 |  | 0.9 |  | 0.9 |  | 1 |  | 4 |  | 1 |  | 0.9 |  | 0.9 |  | 4
Total supply |  |  |  |  | 64.1 |  | 63.4 |  | 214.3 |  | 63.5 |  | 67.7 |  | 66.9 |  | 64.9 |  | 216.7 |  | 63.8 |  | 68.2 |  | 66.7 |  | 220.1
Commercial exports |  |  |  |  | 2 |  | 1.9 |  | 8.8 |  | 2.4 |  | 3 |  | 3.7 |  | 3.2 |  | 12.1 |  | 2.7 |  | 2.8 |  | 2.8 |  | 10.8
Ending commercial stocks |  |  |  |  | 13.2 |  | 12.2 |  | 12.2 |  | 15.1 |  | 16.9 |  | 14.3 |  | 11.8 |  | 11.8 |  | 14.6 |  | 15.8 |  | 13.7 |  | 11.5
Net removals |  |  |  |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0
Commercial use |  |  |  |  | 48.9 |  | 49.4 |  | 193.3 |  | 46.1 |  | 47.9 |  | 48.9 |  | 49.9 |  | 192.8 |  | 46.5 |  | 49.6 |  | 50.2 |  | 197.8
Skim solids (bil. [NAME] milk equiv.)
Milk marketings |  |  |  |  | 48.4 |  | 48.9 |  | 199.4 |  | 50.3 |  | 51.7 |  | 49.2 |  | 49.5 |  | 200.7 |  | 51 |  | 52.7 |  | 49.9 |  | 204.3
Beginning commercial stocks |  |  |  |  | 12.6 |  | 11.8 |  | 11.8 |  | 12.4 |  | 13.7 |  | 14.2 |  | 12.4 |  | 12.4 |  | 11.9 |  | 12.5 |  | 13.5 |  | 11.9
Imports |  |  |  |  | 1.4 |  | 1.5 |  | 5.7 |  | 1.5 |  | 1.2 |  | 1.1 |  | 1.5 |  | 5.3 |  | 1.4 |  | 1.2 |  | 1.2 |  | 5.2
Total supply |  |  |  |  | 62.5 |  | 62.1 |  | 216.9 |  | 64.1 |  | 66.7 |  | 64.5 |  | 63.4 |  | 218.3 |  | 64.3 |  | 66.3 |  | 64.6 |  | 221.4
Commercial exports |  |  |  |  | 8.3 |  | 7.6 |  | 33.3 |  | 8.3 |  | 10.6 |  | 10.3 |  | 9.6 |  | 38.9 |  | 9.6 |  | 9.9 |  | 9.8 |  | 38.4
Ending commercial stocks |  |  |  |  | 11.8 | 11.4 | 12.4 |  | 12.4 |  | 13.7 |  | 14.2 |  | 12.4 |  | 11.9 |  | 11.9 |  | 12.5 |  | 13.5 |  | 12.1 |  | 12.1
Net removals |  |  |  |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0
Commercial use |  |  |  |  | 42.4 |  | 42.1 |  | 171.2 |  | 42.1 |  | 41.9 |  | 41.7 |  | 41.8 |  | 167.5 |  | 42.3 |  | 43 |  | 42.8 |  | 170.9
Milk prices (dol./cwt) 2/
All milk |  |  |  |  | 18.27 |  | 21.5 |  | 18.53 |  | 19.5 |  | 19.57 |  | 19.53 |  | 21.05 |  | 19.9 |  | 20.5 |  | 19.7 |  | 19.35 |  | 19.7
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | -21.25 |  | -20 |  | -21 |  | -20.5 |  | -20.35 |  | -20.5
Class III |  |  |  |  | 17.8 |  | 20.17 |  | 17.44 |  | 17.44 |  | 18.04 |  | 17.81 |  | 18.45 |  | 17.9 |  | 17.45 |  | 17.3 |  | 17 |  | 17.05
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | -18.65 |  | -18 |  | -17.95 |  | -18.1 |  | -18 |  | -17.85
Class IV |  |  |  |  | 15.87 |  | 18.34 |  | 16.01 |  | 17.71 |  | 18.62 |  | 19.13 |  | 20.55 |  | 18.95 |  | 19.6 |  | 19.05 |  | 18.95 |  | 19
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | -20.85 |  | -19.15 |  | -20.2 |  | -19.95 |  | -20.05 |  | -19.9
Product prices (dol./pound) 3/
Cheddar cheese |  |  |  |  | 1.773 |  | 1.952 |  | 1.708 |  | 1.686 |  | 1.78 |  | 1.761 |  | 1.825 |  | 1.76 |  | 1.735 |  | 1.71 |  | 1.68 |  | 1.69
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | -1.845 |  | -1.77 |  | -1.785 |  | -1.79 |  | -1.78 |  | -1.77
Dry whey |  |  |  |  | 0.541 |  | 0.643 |  | 0.594 |  | 0.632 |  | 0.575 |  | 0.579 |  | 0.57 |  | 0.585 |  | 0.545 |  | 0.5549999999999999 |  | 0.545 |  | 0.5499999999999999
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | -0.59 |  | -0.595 |  | -0.5750000000000001 |  | -0.585 |  | -0.5750000000000001 |  | -0.58
Butter |  |  |  |  | 1.684 |  | 1.785 |  | 1.594 |  | 1.555 |  | 1.622 |  | 1.438 |  | 1.545 |  | 1.53 |  | 1.48 |  | 1.505 |  | 1.555 |  | 1.5
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | -1.585 |  | -1.56 |  | -1.56 |  | -1.615 |  | -1.685 |  | -1.61
Nonfat dry milk |  |  |  |  | 1.269 |  | 1.505 |  | 1.328 |  | 1.5456 |  | 1.619 |  | 1.769 |  | 1.88 |  | 1.695 |  | 1.795 |  | 1.72 |  | 1.685 |  | 1.715
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | -1.9 |  | -1.715 |  | -1.835 |  | -1.78 |  | -1.755 |  | -1.775
[NAME] in May, contains no data updates or analysis on milk cows or milk output per cow. | [NAME] averages of monthly prices.  May not match reported annual averages.
2/ Simple averages of monthly prices.  May not match reported annual averages.
3/ Simple averages of monthly prices calculated by the Agricultural Marketing Service for use in class price formulas.  'Based on weekly "Dairy Product Prices". | 2/ Simple averages of monthly prices calculated by the Agricultural Marketing Service for use in class price formulas.  'Based on weekly "Dairy Product Prices",
National Agricultural Statistics Service.  Details may be found at [NAME]
Source: World Agricultural Supply and Demand Estimates and supporting materials.
For further information, contact: [NAME] 5148, [EMAIL]
Published in Livestock, [NAME], and Poultry Outlook, |  |  |  |  |  |  | http://www.ers.usda.gov/publications/ldpm-livestock,-dairy,-and-poultry-outlook.aspx.
Updated 12/12/13.