# Cheese decline was unexpected

> USDA's January Dairy Products report showed US cheese output at 1.19 billion pounds, down 0.5% from December and 1.2% below January 2023. Butter production rose sharply, and milk was diverted from cheese to butter. The Daily Dairy Report called the cheese decline unexpected given growing cheese capacity.

- Date: 2024-03-11 · published 2024-03-11T12:00:00.000Z
- Category: report · region US · magnitude low
- Page: https://feedsoft.ai/events/31205-cheese-decline-was-unexpected
- Commodities: [Milk (Class III)](https://feedsoft.ai/c/MILK.md)

## Why it matters

Lower cheese output with more milk going to butter tightens cheese supply and shifts the balance of milk use, which can influence milk price direction.

## Read by commodity

- MILK: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| MILK | 2025-05-16 | [USDA Hikes 2025 Dairy Price Forecasts, Expects Lower Prices In 2026 - Cheese Reporter](https://feedsoft.ai/events/24833-usda-hikes-2025-dairy-price-forecasts-expects-lower-prices-in-2026-cheese.md) | -0.1% | +0.8% |
| MILK | 2025-06-14 | [Cheese exports reach all-time high - Dairy Star](https://feedsoft.ai/events/24379-cheese-exports-reach-all-time-high-dairy-star.md) | -0.4% | -7.5% |
| MILK | 2022-06-24 | [The Farmer's Exchange Online Cheese, Butter Prices for 2023 Reflect Stronger Demand for Milk](https://feedsoft.ai/events/40945-the-farmer-s-exchange-online-cheese-butter-prices-for-2023-reflect-stronger.md) | -7.2% | -7.3% |
| MILK | 2024-09-22 | [USDA Cuts Milk Production Forecasts, Boosts Price Outlook Cheese Prices Expected To Average Over $1.90 Per Pound - Cheese Reporter](https://feedsoft.ai/events/28460-usda-cuts-milk-production-forecasts-boosts-price-outlook-cheese-prices-expected.md) | -0.1% | -2.4% |
| MILK | 2017-12-20 | [Butter and cheese continue their upward trend as the world demands more dairy fat: USDA](https://feedsoft.ai/events/67494-butter-and-cheese-continue-their-upward-trend-as-the-world-demands-more-dairy.md) | -0.1% | -10.1% |

## Sources

- farmersadvance.com: https://www.farmersadvance.com/story/news/2024/03/11/cheese-decline-was-unexpected/72886408007/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.