# February 2, 2024: Milk Production Flat, Prices Rally | Center for Dairy Excellence

> Class III and IV milk futures rallied after a USDA Milk Production Report showed U.S. milk output essentially flat in 2023. December production was down 0.3% year over year at 18.843 billion pounds, and total cow numbers fell 39,000 head to 9.357 million.

- Date: 2024-02-02 · published 2024-02-02T12:00:00.000Z
- Category: report · region US · magnitude medium
- Page: https://feedsoft.ai/events/6010-february-2-2024-milk-production-flat-prices-rally-center-for-dairy-excellence
- Commodities: [Milk (Class III)](https://feedsoft.ai/c/MILK.md)

## Why it matters

Flat production and shrinking herd numbers tighten the milk supply outlook, supporting dairy product prices and dairy farm income. Lower milk output also reduces byproduct supply for dairy cattle feed.

## Read by commodity

- MILK: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| MILK | 2024-05-01 | [May 1, 2024: Class III Prices Increasing \| Center for Dairy Excellence](https://feedsoft.ai/events/4264-may-1-2024-class-iii-prices-increasing-center-for-dairy-excellence.md) | +18.1% | +19.5% |
| MILK | 2022-01-05 | [January 5, 2022: Dairy Week In Review \| Center for Dairy Excellence](https://feedsoft.ai/events/4070-january-5-2022-dairy-week-in-review-center-for-dairy-excellence.md) | +10.6% | +10.3% |
| 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% |
| MILK | 2026-02-18 | [USDA February 2026 Dairy Outlook: Prices, Production & Trade](https://feedsoft.ai/events/20614-usda-february-2026-dairy-outlook-prices-production-and-trade.md) | -0.3% | +7.4% |
| 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% |

## Sources

- centerfordairyexcellence.org: https://www.centerfordairyexcellence.org/markets-management/markets-management-column/february-2-2024-milk-production-flat-prices-rally/

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