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Milk Check Outlook: What lies ahead for 2024


Let’s cut to the chase — I think the Class III average price for 2024 is going to be around $17.30, which is similar to 2023 and not good news for farmers. However, the Class IV milk price could be closer to $21, which would be almost $2 higher than 2023.


It’s also important to look at the other side of the ledger at feed costs. On-farm feed costs are expected to come down by about 15% for 2024. When you combine the higher Class IV price (which will drive Class II and help Class I also) and the lower feed costs, margins for 2024 might be decent, especially in the second half of the year despite a disappointing Class III price.




Nate Donnay

Feb. 12, 2024

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