Livestock and poultry prices for 2015 are adjusted for December data. For 2016, no change is made to the cattle price forecast. The 2016 hog price forecast is reduced as large supplies of hogs and competition from other meats pressured prices in late 2015 and is expected to pressure prices in early 2016.
Broiler prices improved in late 2015 and early 2016 and the price forecast for 2016 is raised. Egg prices are lowered for 2016 reflecting recent price movements.
Dairy product prices for 2015 are adjusted for December data. For 2016, butter prices are raised from last month on relatively strong demand and lower expected production.
Cheese, nonfat dry milk (NDM), and whey prices are reduced. Relatively large beginning stocks of cheese and weaker beginning year prices underlie the reduction in the cheese price forecast. NDM and whey prices are expected to be pressured by weakness in exports.
The Class III price for 2016 is lowered on lower cheese and whey prices and the Class IV price is reduced as a lower NDM price more than offsets a higher butter price. The all milk price is lowered to $15.35 to $16.15 per cwt for 2016.