# Early Morning Update - December 19, 2023

> USDA data showed US headline milk production for November down 0.6% year on year, weaker than expected, with the dairy cow herd down 0.5%. Spot Class III cheese and butter-related prices fell sharply, and nearby Class III futures hit new lows below $16.00 for January and February.

- Date: 2023-12-19 · published 2023-12-19T12:00:00.000Z
- Category: report · region US · magnitude medium
- Page: https://feedsoft.ai/events/32868-early-morning-update-december-19-2023
- Commodities: [Milk (Class III)](https://feedsoft.ai/c/MILK.md)

## Why it matters

A smaller herd and weak output support milk supply tightness, but falling cheese and Class III prices signal a bearish near-term price trend for feed buyers tied to dairy demand.

## Read by commodity

- MILK: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| MILK | 2024-01-15 | [December 2023 FMMO uniform prices lower \| Ag Proud](https://feedsoft.ai/events/32130-december-2023-fmmo-uniform-prices-lower-ag-proud.md) | +0.4% | +7.0% |
| MILK | 2022-11-24 | [Quarterly dairy market update - Q3 2022 \| AHDB](https://feedsoft.ai/events/38700-quarterly-dairy-market-update-q3-2022-ahdb.md) | -3.6% | -2.4% |
| MILK | 2017-12-20 | [Dairy Situation and Outlook, December 19, 2017](https://feedsoft.ai/events/67628-dairy-situation-and-outlook-december-19-2017.md) | -0.1% | -10.1% |
| MILK | 2025-12-31 | [December 2025 milk class prices mostly lower \| Ag Proud](https://feedsoft.ai/events/9571-december-2025-milk-class-prices-mostly-lower-ag-proud.md) | -5.0% | -7.9% |
| MILK | 2024-12-31 | [Dairy Market Report December 2024 - EDairy News English](https://feedsoft.ai/events/6086-dairy-market-report-december-2024-edairy-news-english.md) | +9.4% | +8.5% |

## Sources

- stonex.com: https://www.stonex.com/en/insights/early-morning-update-december-19-2023/

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