# Early Morning Update - October 20, 2023

> US milk production in September was down 0.2% year over year, slightly weaker than expected, with production per cow stronger than forecast. Dairy herd numbers were revised lower for June through August.

- Date: 2023-10-20 · published 2023-10-20T12:00:00.000Z
- Category: report · region US · magnitude medium
- Page: https://feedsoft.ai/events/33773-early-morning-update-october-20-2023
- Commodities: [Milk (Class III)](https://feedsoft.ai/c/MILK.md)

## Why it matters

A tighter milk supply than expected supports dairy product prices and firmer milk-based feed demand, though StoneX expects little immediate futures reaction given recent strength.

## Read by commodity

- MILK: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| MILK | 2023-08-28 | [Economic update: September 2023 Class I base price rebounds \| Ag Proud](https://feedsoft.ai/events/34744-economic-update-september-2023-class-i-base-price-rebounds-ag-proud.md) | +8.1% | +7.0% |
| MILK | 2019-01-09 | [US Dairy Outlook - Morning Ag Clips](https://feedsoft.ai/events/61108-us-dairy-outlook-morning-ag-clips.md) | -0.2% | -1.0% |
| MILK | 2017-12-06 | [Figures to October 2017 (published 6 December 2017) - GOV.UK](https://feedsoft.ai/events/67492-figures-to-october-2017-published-6-december-2017-gov-uk.md) | +1.2% | -8.9% |
| MILK | 2024-02-26 | [Economic Update: March 2024 Class I base price improves \| Ag Proud](https://feedsoft.ai/events/5465-economic-update-march-2024-class-i-base-price-improves-ag-proud.md) | +3.9% | +1.7% |
| MILK | 2022-06-10 | [Economic Update: USDA cuts 2022-23 milk production forecasts, raises price projections \| Ag Proud](https://feedsoft.ai/events/41104-economic-update-usda-cuts-2022-23-milk-production-forecasts-raises-price.md) | -0.5% | -6.9% |

## Sources

- stonex.com: https://www.stonex.com/en-us/insights/early-morning-update-october-20-2023/

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