February 15, 2024

Ag Economy

Dairy Industry Snapshot


Avg. Price per Cwt.


2022 2023 October Forecast 2023 December Estimate 2024 December Forecast 

Boston Blend Price1


24.96 19.78 20.01 20.32

Avg. WNY




19.04 19.01 19.53

USDA All-Milk Price3



20.40 20.60 20.00


  • November U.S. milk production decreased 0.6% from November 2022. The national dairy herd decreased by 44,000 head from the prior year, production per cow was flat. 
  • On a state-by-state basis, in November, there were Y-O-Y increases in production in some major producing states, including, Idaho (0.3%), Michigan (1.9%), and Wisconsin (0.2%). Notably, California (-1.7%), Texas (-2.2%) and New Mexico (-10.1%) showed declines. In the Northeast, New York (0.5%) showed a modest increase, while Pennsylvania (-1.4%), and Vermont (-3.4%) had decreases.  
  • Milk prices are expected to range from $19.00-21.30/cwt in 2024, and average $20.32 for the year (Boston Blend). 
  • Feed and fuel costs have declined over the last year, but other input costs have risen, while milk prices have declined, tightening margins for dairy producers. 

1 Agri-Mark Price Forecast
2 Upstate Niagara Price Forecast
3 USDA World Agricultural Supply and Demand Estimate (WASDE)
4 USDA NASS Milk Production Report

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