A recent report by the USDA shows that strong demand for milk is driving higher milk production.The World Agricultural Supply and Demand Estimates (WASDE) report provides USDA's comprehensive forecasts of supply and demand for major U.S. and global crops and U.S. livestock. The report gathers information from a number of statistical reports published by USDA and other government agencies, and provides a framework for additional USDA reports.
Forecasts for milk production for 2007 and 2008 show that producers are responding to strong milk prices by expanding their cow herds. In addition, higher herd replacement costs for heifer and dairy cows indicate stronger demand for dairy animals.
World demand for milk, and not corn prices as recent reports suggest, is expected to keep prices at record levels. World dairy supplies should remain tight and will absorb the increased production.
Source: USDA
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