USDA released their March milk production report on Wednesday with U.S. production pegged at -0.5% year-over-year. Cow numbers were printed at 9.395 million, up 15,000 head on a month to month basis. The February estimate was revised 10,000 head higher as well which makes a grand total of 25,000 cows popping up in this report.
Dairy production based regions showed California on a yearly basis +0.5%, Midwest +0.9%, Mideast -3.2%, Northeast -1.4%, Pacific Northwest -0.9%, and the Southwest +0.7%.
CME spot dairy auction prices closed with barrels down 5.25 cents/lb, blocks 2.5 cents lower, and nonfat dry milk off a half cent. Butter added a quarter cent while whey was unchanged.
Class III milk prices closed double digits lower in all months between May 2022 and September 2023 on Monday. The 2022 months still range from $22.84 to $24.44/cwt while 2023 has just one month north of $22. Most Class IV months were off double digits as well.
