Milk price estimates for 2013 were adjusted slightly higher in the USDA’s latest “World Agricultural Supply and Demand Estimates” report.
The report, released on Monday, showed that Class III milk prices are expected to average $17.80 to $18.00 per hundredweight, compared to last month’s estimate of $17.65 to $17.95. The all-milk price is expected to average $19.60 to $19.80.
“Robust demand for r nonfat dry milk supports increased price forecasts for 2013 and 2014,” the USDA explained in the report.
The expected corn price was raised by 10 cents from last month. The range is projected to be $4.50 to $5.30 per bushel in the marketing year that begins Sept. 1.