# USDA expects declining milk prices into 2024 - Brownfield Ag News

> USDA's May supply and demand report projects lower US milk production in 2023 with growth in 2024. The agency raised its 2023 butter and nonfat dry milk price forecasts, lowered cheese and whey prices, and cut the 2023 all-milk price forecast by 15 cents to $20.50/cwt, with 2024 set at $19.90.

- Date: 2023-05-12 · published 2023-05-12T12:00:00.000Z
- Category: report · region US · magnitude medium
- Page: https://feedsoft.ai/events/36094-usda-expects-declining-milk-prices-into-2024-brownfield-ag-news
- Commodities: [Milk (Class III)](https://feedsoft.ai/c/MILK.md)

## Why it matters

Lower projected Class III and all-milk prices signal weaker dairy-based feed demand and lower returns for dairy producers, which can pressure dairy herd sizes and related feed purchasing.

## Read by commodity

- MILK: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| MILK | 2017-12-12 | [USDA lowers milk production, price expectations - Brownfield Ag News](https://feedsoft.ai/events/67493-usda-lowers-milk-production-price-expectations-brownfield-ag-news.md) | -0.7% | -11.7% |
| MILK | 2020-08-12 | [Increasing milk production expected to keep dairy prices low - Brownfield Ag News](https://feedsoft.ai/events/51624-increasing-milk-production-expected-to-keep-dairy-prices-low-brownfield-ag-news.md) | +2.3% | -14.3% |
| MILK | 2018-02-08 | [USDA cuts milk production, price estimates - Brownfield Ag News](https://feedsoft.ai/events/66485-usda-cuts-milk-production-price-estimates-brownfield-ag-news.md) | -0.9% | +4.3% |
| MILK | 2026-06-12 | [Growing dairy production limits milk prices in USDA’s outlook - Brownfield Ag News](https://feedsoft.ai/events/18975-growing-dairy-production-limits-milk-prices-in-usda-s-outlook-brownfield-ag-news.md) | +0.3% | -1.6% |
| MILK | 2020-02-11 | [USDA calls for steady milk production, weakening prices - Brownfield Ag News](https://feedsoft.ai/events/54591-usda-calls-for-steady-milk-production-weakening-prices-brownfield-ag-news.md) | -0.4% | -4.2% |

## Sources

- brownfieldagnews.com: https://brownfieldagnews.com/news/usda-expects-declining-milk-prices-into-2024/

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