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The USDA set the January 2024 Federal order Class III milk price at $15.17 per hundredweight, 87 cents lower and the lowest since July 2023. Class III futures pointed to a rebound to $16.18 in February and higher prices through the summer, and the Class IV price was $19.39.
Dairy heifer numbers fell for a sixth straight year, though the decline in heifers expected to calve was smaller than the record decline feared.
A low January Class III price reflects weak dairy demand, while the heifer shortfall points to slower herd growth and tighter milk supply that could support prices later in the year.
farmersadvance.comLee MielkeFeb 2, 2024After 136 past neutral report events, MILK moved a median -0.1% over 5 sessions (43% higher; middle half -0.7% to +0.5%), and -0.3% over 20.
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.
