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Nov 14, 2023REPORTUS

USDA Bumps Up 2024 Price Predictions, Lowers Milk Production Forecast for 2023

In its November WASDE, the USDA cut its 2023 milk production forecast to 227.1 billion lbs and lowered 2024 as well. It raised the 2024 price forecasts for some products, and the Class III forecast for 2023 was set at $17.10 per cwt.

WHY IT MATTERS

Lower US milk output forecasts tighten dairy supply, supporting milk prices while lower cow numbers reduce future demand for dairy feed.

AFFECTSMilk (Class III)▲

SOURCE
dairyherd.comTaylor LeachNov 14, 2023

Price reaction & history

Milk (Class III)▲bullishSO FAR1d +0.1%5d +0.1%20d -5.5%

After 237 past bullish report events, Milk (Class III) moved a median +0.0% over 5 sessions (51% higher; middle half -0.3% to +0.6%), and +1.2% over 20.

Jan 10, 2025USDA Lowers 2025 Milk Production Forecast, Hikes Dairy Product, Milk Price Forecasts - Cheese Reporter-0.6%
Feb 13, 20242024 Milk Production Forecast Reduced, All-Milk Price Looks More Encouraging - Dairy Herd-0.2%
Dec 27, 2021USDA Forecasts Lower Milk Production, Higher Prices - EDairy News English-0.1%
Apr 10, 2026USDA Hikes 2026 Milk Production Forecast; Dairy Product Price Forecasts Mixed - Cheese Reporter-1.1%
Mar 13, 2026USDA Raises 2026 Milk Production Forecast, Most Dairy Product Price Forecasts - Cheese Reporter-0.2%

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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