Fourth quarter 2024 production is forecast marginally higher than last month, raising the annual forecast to 27.025 billion pounds. Consequently, 2024 milk production is forecast at 226.0 billion pounds, 0.2 billion pounds higher than the previous forecast. With recent price movements and higher-than-expected third-quarter inventories, the 2024 price forecast for butter is revised downward. Second-quarter 2025 prices are expected to be $62 per cwt, more than 5 percent below same-period prices this year. In the Midwest, spot milk prices were anywhere from $.50- to $3-over Class III, while $3-under Class was reported in the South.