# The Federal Milk Marketing Order Pricing Formula Hearing has ended

> 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.

- Date: 2024-02-02 · published 2024-02-02T12:00:00.000Z
- Category: report · region US · magnitude low
- Page: https://feedsoft.ai/events/31824-the-federal-milk-marketing-order-pricing-formula-hearing-has-ended
- Commodities: [Milk (Class III)](https://feedsoft.ai/c/MILK.md)

## Why it matters

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.

## Read by commodity

- MILK: neutral

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| MILK | 2023-12-08 | [Milk Price Predictions End on a Low Note for 2023, Dramatically Lower than Last Year - Dairy Herd](https://feedsoft.ai/events/32710-milk-price-predictions-end-on-a-low-note-for-2023-dramatically-lower-than-last.md) | -0.4% | -6.9% |
| MILK | 2018-09-12 | [Mielke Market: Milk price up to $14.95 \| News \| lyndentribune.com](https://feedsoft.ai/events/63187-mielke-market-milk-price-up-to-14-95-news-lyndentribune-com.md) | +0.1% | -1.9% |
| MILK | 2022-02-14 | [USDA Releases Cost of Dairy Processing Study, Will Host a Webinar on the Study \| Agricultural Marketing Service](https://feedsoft.ai/events/42728-usda-releases-cost-of-dairy-processing-study-will-host-a-webinar-on-the-study.md) | +0.5% | +7.7% |
| MILK | 2017-11-09 | [Mielke: Benchmark milk prices climb \| TheFencePost.com](https://feedsoft.ai/events/10553-mielke-benchmark-milk-prices-climb-thefencepost-com.md) | +2.1% | -5.5% |
| MILK | 2023-04-03 | [Mailbox milk prices reached a new record](https://feedsoft.ai/events/36411-mailbox-milk-prices-reached-a-new-record.md) | +3.3% | +3.0% |

## Sources

- farmersadvance.com: https://www.farmersadvance.com/story/news/2024/02/02/the-federal-milk-marketing-order-pricing-formula-hearing-has-ended/72455564007/

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