# USDA milk production, price outlooks remain stagnant | Ag Proud

> USDA's January WASDE lowered its 2023 US milk production estimate by 300 million pounds and its 2024 forecast by 700 million pounds, to 228.3 billion pounds. The projected 2024 Class III milk price was cut 75 cents to $16.10 per cwt on weaker cheese prices.

- Date: 2024-01-15 · published 2024-01-15T12:00:00.000Z
- Category: report · region US · magnitude low
- Page: https://feedsoft.ai/events/32119-usda-milk-production-price-outlooks-remain-stagnant-ag-proud
- Commodities: [Milk (Class III)](https://feedsoft.ai/c/MILK.md), [Corn](https://feedsoft.ai/c/CORN.md)

## Why it matters

A smaller milk supply forecast tempers production growth, but lower Class III price projections signal weaker dairy demand for feed ingredients and softer milk prices.

## Read by commodity

- CORN: neutral
- MILK: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| MILK | 2023-02-08 | [USDA reduces 2023 milk production, price projections  \| Ag Proud](https://feedsoft.ai/events/37464-usda-reduces-2023-milk-production-price-projections-ag-proud.md) | +0.9% | -0.5% |
| MILK | 2021-08-12 | [USDA cuts 2021-22 milk production outlook but also reduces price projections  \| Ag Proud](https://feedsoft.ai/events/45567-usda-cuts-2021-22-milk-production-outlook-but-also-reduces-price-projections-ag.md) | +0.3% | +3.0% |
| MILK | 2026-06-11 | [USDA feed supply, price forecasts remain stagnant \| Ag Proud](https://feedsoft.ai/events/18812-usda-feed-supply-price-forecasts-remain-stagnant-ag-proud.md) | -0.1% | -2.1% |
| MILK | 2021-07-13 | [USDA adjusts 2021-22 milk production outlooks, cuts price projections - Progressive Dairy \| Ag Proud](https://feedsoft.ai/events/46213-usda-adjusts-2021-22-milk-production-outlooks-cuts-price-projections.md) | -1.2% | -4.8% |
| MILK | 2026-07-20 | [USDA Dairy Outlook: Milk Production Grows While Prices Ease](https://feedsoft.ai/events/18530-usda-dairy-outlook-milk-production-grows-while-prices-ease.md) | +0.3% | +5.1% |
| CORN | 2021-11-10 | [Weekly Digest: USDA outlook sees deeper milk production cuts - Progressive Dairy \| Ag Proud](https://feedsoft.ai/events/44057-weekly-digest-usda-outlook-sees-deeper-milk-production-cuts-progressive-dairy.md) | +0.3% | +4.6% |
| CORN | 2017-01-01 | [Corn and Soybean Production Outlook in 2017-18](https://feedsoft.ai/events/72931-corn-and-soybean-production-outlook-in-2017-18.md) | +0.3% | +2.3% |
| CORN | 2022-01-26 | [Milk production estimates remain unchanged for first time in 6 months](https://feedsoft.ai/events/43136-milk-production-estimates-remain-unchanged-for-first-time-in-6-months.md) | +3.6% | +10.1% |

## Sources

- agproud.com: https://www.agproud.com/articles/58986-usda-milk-production-price-outlooks-remain-stagnant

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