# USDA Bumps Up 2024 Price Predictions, Lowers Milk Production Forecast for 2023 - Dairy Herd

> 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.

- Date: 2023-11-14 · published 2023-11-14T12:00:00.000Z
- Category: report · region US · magnitude medium
- Page: https://feedsoft.ai/events/33180-usda-bumps-up-2024-price-predictions-lowers-milk-production-forecast-for-2023
- Commodities: [Milk (Class III)](https://feedsoft.ai/c/MILK.md)

## Why it matters

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

## Read by commodity

- MILK: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| MILK | 2025-01-10 | [USDA Lowers 2025 Milk Production Forecast, Hikes Dairy Product, Milk Price Forecasts - Cheese Reporter](https://feedsoft.ai/events/26515-usda-lowers-2025-milk-production-forecast-hikes-dairy-product-milk-price.md) | -0.6% | -1.5% |
| MILK | 2024-02-13 | [2024 Milk Production Forecast Reduced, All-Milk Price Looks More Encouraging - Dairy Herd](https://feedsoft.ai/events/31825-2024-milk-production-forecast-reduced-all-milk-price-looks-more-encouraging.md) | -0.2% | +1.4% |
| MILK | 2021-12-27 | [USDA Forecasts Lower Milk Production, Higher Prices - EDairy News English](https://feedsoft.ai/events/43588-usda-forecasts-lower-milk-production-higher-prices-edairy-news-english.md) | -0.1% | +10.1% |
| MILK | 2026-04-10 | [USDA Hikes 2026 Milk Production Forecast; Dairy Product Price Forecasts Mixed - Cheese Reporter](https://feedsoft.ai/events/19714-usda-hikes-2026-milk-production-forecast-dairy-product-price-forecasts-mixed.md) | -1.1% | +0.1% |
| MILK | 2026-03-13 | [USDA Raises 2026 Milk Production Forecast, Most Dairy Product Price Forecasts - Cheese Reporter](https://feedsoft.ai/events/20167-usda-raises-2026-milk-production-forecast-most-dairy-product-price-forecasts.md) | -0.2% | +5.4% |

## Sources

- dairyherd.com: https://www.dairyherd.com/markets/milk-prices/usda-bumps-2024-price-predictions-lowers-milk-production-forecast-2023

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