supply and demand report shows milk production forecasts going down for both
2019 and 2020. The fat basis import forecast is unchanged from December,
but the fat basis exports for 2019 and 2020 are higher based on strong sales of
cheese and other dairy-containing products.
On a skim-solids basis, import forecasts are unchanged and export forecasts for 2019 and 2020 are raised on strong global demand for nonfat dry milk.
product price estimates for 2020 have cheese, butter, and whey price forecasts
reduced on demand weakness and relatively high stocks.