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Milk prices to tread water in 2024

Unlike the swimmers who will be racing across the pool during the Olympics this summer, it appears U.S. milk prices are more likely to be bobbing in the water, at least through the first part of the year.

“Our milk price is treading water at the moment, waiting to see what happens,” said the University of Wisconsin-Madison’s Leonard Polzin during the January Hoard’s Dairyman webinar. He pointed to more domestic demand, greater international demand, and supply disappearance as factors needed to support higher prices.

There is not a huge amount of forward curve on the CME for Class IV prices, so it appears Class IV milk will sit around $19.50 per hundredweight through August. Class III has somewhat of a forward curve, Polzin noted, but for the first eight months of the year, prices only look to average $17 per hundredweight.

Abby Bauer

Jan. 19, 2024



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