Spreadsheet: 0b6a144a-95a1-4791-98e7-34ef3e2e03d8
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
 |  |  |  |  |  |  |  |  | 2011 |  |  |  |  |  |  |  |  |  | 2012
 |  |  |  |  | I |  | II |  | III |  | IV |  | Annual |  | I |  | II |  | III |  | IV |  | Annual
Milk cows (thous.) |  |  |  |  | 9168 |  | 9191 |  | 9200 |  | 9216 |  | 9194 |  | 9250 |  | 9240 |  | 9200 |  | 9170 |  | 9215
Milk per cow (pounds) |  |  |  |  | 5286 |  | 5489 |  | 5292 |  | 5279 |  | 21346 |  | 5505 |  | 5590 |  | 5380 |  | 5350 |  | 21825
Milk production (bil. [NAME]) |  |  |  |  | 48.5 |  | 50.4 |  | 48.7 |  | 48.7 |  | 196.2 |  | 50.9 |  | 51.7 |  | 49.5 |  | 49.1 |  | 201.1
Farm use |  |  |  |  | 0.2 |  | 0.2 |  | 0.2 |  | 0.2 |  | 1 |  | 0.2 |  | 0.2 |  | 0.2 |  | 0.2 |  | 1
Milk marketings |  |  |  |  | 48.2 |  | 50.2 |  | 48.4 |  | 48.4 |  | 195.3 |  | 50.7 |  | 51.4 |  | 49.3 |  | 48.8 |  | 200.2
Milkfat (bil. [NAME] milk equiv.)
Milk marketings |  |  |  |  | 48.2 |  | 50.2 |  | 48.4 |  | 48.4 |  | 195.3 |  | 50.7 |  | 51.4 |  | 49.3 |  | 48.8 |  | 200.2
Beginning commercial stocks |  |  |  |  | 10.9 |  | 12.1 |  | 13.4 |  | 12.5 |  | 10.9 |  | 11 |  | 13.8 |  | 14.8 |  | 14 |  | 11
Imports |  |  |  |  | 0.8 |  | 0.7 |  | 0.8 |  | 1.3 |  | 3.5 |  | 0.8 |  | 0.8 |  | 0.8 |  | 1 |  | 3.3
Total supply |  |  |  |  | 59.9 | 63.1 | 63 |  | 62.6 |  | 62.1 | 209.6 | 209.7 |  | 62.5 |  | 66 |  | 64.8 |  | 63.8 |  | 214.5
Commercial exports |  |  |  |  | 2.5 |  | 2.7 |  | 2.2 |  | 2.2 |  | 9.5 |  | 1.9 |  | 2.2 |  | 2.2 |  | 2.2 |  | 8.4
Ending commercial stocks |  |  |  |  | 12.1 |  | 13.4 |  | 12.5 |  | 11 |  | 11 |  | 13.8 |  | 14.8 |  | 14 |  | 11.8 |  | 11.8
Net removals |  |  |  |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0
Commercial use |  |  |  |  | 45.3 |  | 47 |  | 47.9 |  | 49 |  | 189.2 |  | 46.8 |  | 49 |  | 48.7 |  | 49.8 |  | 194.3
Skim solids (bil. [NAME] milk equiv.)
Milk marketings |  |  |  |  | 48.2 |  | 50.2 |  | 48.4 |  | 48.4 |  | 195.3 |  | 50.7 |  | 51.4 |  | 49.3 |  | 48.8 |  | 200.2
Beginning commercial stocks |  |  |  |  | 12.3 |  | 11.9 |  | 12.9 |  | 12.4 |  | 12.3 |  | 11.9 |  | 12.9 |  | 13 |  | 12.8 |  | 11.9
Imports |  |  |  |  | 1.3 |  | 1.2 |  | 1.3 |  | 1.4 |  | 5.3 |  | 1.4 |  | 1.3 |  | 1.3 |  | 1.4 |  | 5.4
Total supply |  |  |  |  | 61.8 |  | 63.3 |  | 62.7 |  | 62.2 |  | 212.8 |  | 64 | 64 | 65.6 |  | 63.5 |  | 63.1 |  | 217.5
Commercial exports |  |  |  |  | 8.4 |  | 8.4 |  | 8.6 |  | 8.7 |  | 34.1 |  | 8.3 |  | 8.2 |  | 8.2 |  | 8.1 |  | 32.8
Ending commercial stocks |  |  |  |  | 11.9 |  | 12.9 |  | 12.4 |  | 11.9 |  | 11.9 |  | 12.9 |  | 13 |  | 12.8 |  | 12 |  | 12
Net removals |  |  |  |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0
Commercial use |  |  |  |  | 41.5 |  | 42 |  | 41.7 |  | 41.6 |  | 166.8 |  | 42.8 |  | 44.4 |  | 42.6 |  | 43 |  | 172.7
Milk prices (dol./cwt) 1/
All milk |  |  |  |  | 18.73 |  | 20.13 |  | 21.67 |  | 20.03 |  | 20.14 |  | 18.03 |  | 16.3 |  | 16.9 |  | 17.7 |  | 17.25
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | -16.7 |  | -17.6 |  | -18.7 |  | -17.75
Class III |  |  |  |  | 16.63 |  | 17.5 |  | 20.71 |  | 18.62 |  | 18.37 |  | 16.28 |  | 15.45 |  | 16.35 |  | 16.3 |  | 16.1
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | -15.85 |  | -17.05 |  | -17.3 |  | -16.6
Class IV |  |  |  |  | 18.08 |  | 20.37 |  | 20 |  | 17.72 |  | 19.04 |  | 15.94 |  | 14.7 |  | 15.2 |  | 15.55 |  | 15.35
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | -15.2 |  | -16 |  | -16.65 |  | -15.95
Product prices (dol./pound) 2/
Cheddar cheese |  |  |  |  | 1.708 |  | 1.751 |  | 2.0412 |  | 1.799 |  | 1.825 |  | 1.559 |  | 1.545 |  | 1.635 |  | 1.615 |  | 1.5896
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | -1.585 |  | -1.705 |  | -1.715 |  | -1.6396
Dry whey |  |  |  |  | 0.425 |  | 0.499 |  | 0.57 |  | 0.636 |  | 0.533 |  | 0.646 |  | 0.52 |  | 0.515 |  | 0.535 |  | 0.55
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | -0.54 |  | -0.545 |  | -0.5650000000000001 |  | -0.58
Butter |  |  |  |  | 1.99 |  | 2.052 |  | 2.03 |  | 1.728 |  | 1.95 |  | 1.499 |  | 1.44 |  | 1.505 |  | 1.53 |  | 1.49
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | -1.51 |  | -1.605 |  | -1.66 |  | -1.57
Nonfat dry milk |  |  |  |  | 1.3734 |  | 1.611 |  | 1.5779 |  | 1.461 |  | 1.506 |  | 1.368 |  | 1.245 |  | 1.27 |  | 1.305 |  | 1.3
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | -1.285 |  | -1.33 |  | -1.375 |  | -1.34
[NAME] averages of monthly prices.  May not match reported annual averages. | [NAME] averages of monthly prices.  May not match reported annual averages.
2/ 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/ldp
Updated 4/11/12