Spreadsheet: 46b26b38-38e8-488c-b98a-d3e738d3bb47
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 | Unnamed: 28
 |  |  |  |  |  |  |  |  | 2011 |  |  |  |  |  |  |  |  |  | 2012 |  |  |  |  |  |  |  | 2013
 |  |  |  |  | I |  | II |  | III |  | IV |  | Annual |  | I |  | II |  | III |  | IV |  | Annual |  | I |  | Annual
Milk cows (thous.) |  |  |  |  | 9168 |  | 9191 |  | 9200 |  | 9216 |  | 9194 |  | 9254 |  | 9270 |  | 9235 |  | 9190 |  | 9235 |  | 9170 |  | 9170
Milk per cow (pounds) |  |  |  |  | 5286 |  | 5489 |  | 5292 |  | 5279 |  | 21346 |  | 5510 |  | 5600 |  | 5400 |  | 5380 |  | 21890 |  | 5490 |  | 22100
Milk production (bil. [NAME]) |  |  |  |  | 48.5 |  | 50.4 |  | 48.7 |  | 48.7 |  | 196.2 |  | 51 |  | 51.9 |  | 49.9 |  | 49.4 |  | 202.2 |  | 50.3 |  | 202.6
Farm use |  |  |  |  | 0.2 |  | 0.2 |  | 0.2 |  | 0.2 |  | 1 |  | 0.2 |  | 0.2 |  | 0.2 |  | 0.2 |  | 1 |  | 0.2 |  | 1
Milk marketings |  |  |  |  | 48.2 |  | 50.2 |  | 48.4 |  | 48.4 |  | 195.3 |  | 50.7 |  | 51.7 |  | 49.6 |  | 49.2 |  | 201.2 |  | 50.1 |  | 201.6
Milkfat (bil. [NAME] milk equiv.)
Milk marketings |  |  |  |  | 48.2 |  | 50.2 |  | 48.4 |  | 48.4 |  | 195.3 |  | 50.7 |  | 51.7 |  | 49.6 |  | 49.2 |  | 201.2 |  | 50.1 |  | 201.6
Beginning commercial stocks |  |  |  |  | 10.8 |  | 12 |  | 13.2 |  | 12.3 |  | 10.8 |  | 10.9 |  | 13.3 |  | 15.3 |  | 13.9 |  | 10.9 |  | 11.8 |  | 11.8
Imports |  |  |  |  | 0.8 |  | 0.7 |  | 0.8 |  | 1.2 |  | 3.5 |  | 0.9 |  | 0.8 |  | 0.8 |  | 0.9 |  | 3.3 |  | 0.8 |  | 3.3
Total supply |  |  |  |  | 59.8 | 63.1 | 62.9 |  | 62.4 |  | 62 | 209.6 | 209.6 |  | 62.5 |  | 65.7 |  | 65.7 |  | 64 |  | 215.5 |  | 62.7 |  | 216.7
Commercial exports |  |  |  |  | 2.5 |  | 2.7 |  | 2.2 |  | 2.1 |  | 9.5 |  | 2.2 |  | 2.2 |  | 2.3 |  | 2.2 |  | 8.9 |  | 2.2 |  | 9.1
Ending commercial stocks |  |  |  |  | 12 |  | 13.2 |  | 12.3 |  | 10.9 |  | 10.9 |  | 13.3 |  | 15.3 |  | 13.9 |  | 11.8 |  | 11.8 |  | 13.3 |  | 11.5
Net removals |  |  |  |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0
Commercial use |  |  |  |  | 45.4 |  | 47 |  | 47.9 |  | 49 |  | 189.2 |  | 47.1 |  | 48.1 |  | 49.5 |  | 50.1 |  | 194.8 |  | 47.2 |  | 196.1
Skim solids (bil. [NAME] milk equiv.)
Milk marketings |  |  |  |  | 48.2 |  | 50.2 |  | 48.4 |  | 48.4 |  | 195.3 |  | 50.7 |  | 51.7 |  | 49.6 |  | 49.2 |  | 201.2 |  | 50.1 |  | 201.6
Beginning commercial stocks |  |  |  |  | 12.2 |  | 11.7 |  | 12.7 |  | 12.2 |  | 12.2 |  | 11.8 |  | 12.5 |  | 13 |  | 12.2 |  | 11.8 |  | 12 |  | 12
Imports |  |  |  |  | 1.3 |  | 1.2 |  | 1.3 |  | 1.4 |  | 5.3 |  | 1.4 |  | 1.2 |  | 1.2 |  | 1.3 |  | 5.1 |  | 1.3 |  | 4.9
Total supply |  |  |  |  | 61.7 |  | 63.2 |  | 62.5 |  | 62 |  | 212.7 |  | 64 | 64 | 65.4 |  | 63.8 |  | 62.7 |  | 218.1 |  | 63.4 |  | 218.5
Commercial exports |  |  |  |  | 8 |  | 8 |  | 8.4 |  | 8.2 |  | 32.7 |  | 7.9 |  | 8.1 |  | 7.9 |  | 7.7 |  | 32.1 |  | 8.3 |  | 32.8
Ending commercial stocks |  |  |  |  | 11.7 |  | 12.7 |  | 12.2 |  | 11.8 |  | 11.8 |  | 12.5 |  | 13 |  | 12.2 |  | 12 |  | 12 |  | 12 |  | 12
Net removals |  |  |  |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0
Commercial use |  |  |  |  | 41.9 |  | 42.4 |  | 41.9 |  | 42 |  | 168.2 |  | 43.1 |  | 44.3 |  | 43.7 |  | 43 |  | 174 |  | 43.1 |  | 173.8
Milk prices (dol./cwt) 1/
All milk |  |  |  |  | 18.73 |  | 20.1 |  | 21.67 |  | 20.07 |  | 20.14 |  | 17.97 |  | 16.3 |  | 16.2 |  | 17 |  | 16.85 |  | 16.5 |  | 17.25
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | -16.5 |  | -16.7 |  | -17.8 |  | -17.25 |  | -17.5 |  | -18.25
Class III |  |  |  |  | 16.63 |  | 17.5 |  | 20.71 |  | 18.62 |  | 18.37 |  | 16.28 |  | 15.3 |  | 15.75 |  | 15.7 |  | 15.75 |  | 15.05 |  | 16.2
 |  |  |  |  |  |  |  |  |  |  |  |  |  | -17.5 |  |  | -15.5 |  | -16.25 |  | -16.5 |  | -16.15 |  | -16.05 |  | -17.2
Class IV |  |  |  |  | 18.08 |  | 20.37 |  | 20 |  | 17.72 |  | 19.04 |  | 15.94 |  | 13.7 |  | 13.5 |  | 14.3 |  | 14.35 |  | 14.65 |  | 15.4
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | -14 |  | -14.1 |  | -15.2 |  | -14.85 |  | -15.75 |  | -16.5
Product prices (dol./pound) 2/
Cheddar cheese |  |  |  |  | 1.708 |  | 1.751 |  | 2.0412 |  | 1.799 |  | 1.825 |  | 1.559 |  | 1.525 |  | 1.605 |  | 1.575 |  | 1.5653 |  | 1.5 |  | 1.6
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | -1.545 |  | -1.655 |  | -1.655 |  | -1.6053 |  | -1.6 |  | -1.7
Dry whey |  |  |  |  | 0.425 |  | 0.499 |  | 0.57 |  | 0.636 |  | 0.533 |  | 0.646 |  | 0.535 |  | 0.475 |  | 0.505 |  | 0.54 |  | 0.525 |  | 0.5549999999999999
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | -0.555 |  | -0.505 |  | -0.535 |  | -0.56 |  | -0.555 |  | -0.585 | -0.435
Butter |  |  |  |  | 1.99 |  | 2.052 |  | 2.03 |  | 1.728 |  | 1.95 |  | 1.499 |  | 1.385 |  | 1.4 |  | 1.465 |  | 1.43 |  | 1.435 |  | 1.465
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | -1.425 |  | -1.48 |  | -1.575 |  | -1.5 |  | -1.565 |  | -1.595
Nonfat dry milk |  |  |  |  | 1.3734 |  | 1.611 |  | 1.5779 |  | 1.461 |  | 1.506 |  | 1.368 |  | 1.16 |  | 1.13 |  | 1.19 |  | 1.21 |  | 1.245 |  | 1.32
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | -1.18 |  | -1.17 |  | -1.25 |  | -1.25 |  | -1.315 |  | -1.39
[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 6/13/12