USDA reduces 2023 milk production outlook, Class III and all-milk prices projected lower

2023-24 milk production forecasts show limited growth.

The USDA’s monthly World Ag Supply and Demand Estimates (WASDE) report was released May 12. Compared to last month, the USDA reduced the U.S. 2023 milk production estimate slightly but also lowered Class III and all-milk price forecasts.

At 228.6 billion pounds, the 2023 production forecast was cut by 100 million pounds from last month. A larger cow inventory is offset by slower growth in milk output per cow. If realized, 2023 production would be up less than 1% from 2022.

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