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Feb 9, 2024REPORTUS

USDA projects lower milk production

USDA's latest supply and demand report expects lower 2024 milk production, partly offset by higher cow inventories. The 2023 all-milk price estimate was lowered to $20.48/cwt, and the 2024 forecast was raised to $20.95/cwt.

WHY IT MATTERS

A tighter 2024 milk supply and a higher price forecast support dairy margins and modestly lift demand for dairy-linked feed.

AFFECTSMilk (Class III)▲

SOURCE
kornradio.comnedvedmediaFeb 9, 2024

Price reaction & history

Milk (Class III)▲bullishSO FAR1d +0.1%5d +0.4%20d +2.8%

After 237 past bullish report events, Milk (Class III) moved a median +0.0% over 5 sessions (51% higher; middle half -0.3% to +0.6%), and +1.2% over 20.

Dec 27, 2021USDA Forecasts Lower Milk Production, Higher Prices - EDairy News English-0.1%
Oct 9, 2020USDA projects increased milk production and prices - Brownfield Ag News+3.3%
Aug 11, 2023USDA projects lower dairy production, some higher prices - Brownfield Ag News+0.1%
Jun 11, 2019USDA lowers milk production expectations, 2019 all milk price - Brownfield Ag News-0.1%
Jan 10, 2020Supply & Demand report projects lower milk production, higher exports - Brownfield Ag News+0.2%

Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.

Milk (Class III) MILK · GP ▸

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