◂ Event Timeline

Dec 8, 2023REPORTUS

Milk Price Predictions End on a Low Note for 2023, Dramatically Lower than Last Year

USDA's December WASDE lowered its 2023 US milk production forecast by 2 million pounds to 226.9 billion and cut 2024 production to 229 billion. Butter and cheese price forecasts were trimmed, and the 2023 Class III forecast was lowered to $17.05 per hundredweight.

WHY IT MATTERS

Lower production and lower dairy product prices offset each other, leaving the milk price outlook mixed but weaker than last year.

AFFECTSMilk (Class III)◆

SOURCE
dairyherd.comTaylor LeachDec 8, 2023

Price reaction & history

Milk (Class III)◆neutralSO FAR1d -0.4%5d -0.4%20d -6.9%

After 136 past neutral report events, Milk (Class III) moved a median -0.1% over 5 sessions (43% higher; middle half -0.7% to +0.5%), and -0.3% over 20.

Mar 17, 2026USDA Raises 2026 Milk Price Forecast as Dairy Production Grows-0.3%
Aug 22, 2026Price forecasts higher Class III, lower Class IV - Dairy Star+0.1%
Aug 14, 2026Dairy Product, Milk Price Forecasts Mixed In Latest USDA Projections - Cheese Reporter+0.2%
May 20, 2025USDA Raises 2025 U.S. Milk Production Forecast, Sees Slight Dip in 2026 Prices - Dairy Producer+0.1%
Dec 18, 2020Economic Review of Milk Costs in 2019 and Projections for the Rest of 2020 and 2021 - farmdoc daily+0.5%

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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