February 2, 2024: Milk Production Flat, Prices Rally

Class III and IV milk futures prices saw their first significant rally this year coming off the heels of a lackluster USDA Milk Production Report that showed total milk production was essentially flat in the U.S. in 2023. For the month of December, total milk production was down 0.3% from a year ago to 18.843 billion pounds. Total cow numbers fell 39,000 head year over year to 9.357 million head in the U.S. in December. Milk production per cow for the month was up just 1 pound at 2,030 pounds.

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