U.S. milk production, as measured in inflation-adjusted 2023 dollars, grew $13 billion (or 28%) to $59.2 billion in 2022, the highest level since 2014, according to data from the USDA’s Economic Research Service (ERS).
ERS annually estimates farm sector cash receipts—the cash income received from agricultural commodity sales. This increase in receipts coincided with the U.S. all-milk price rising to $26.46/cwt , a 28.6% gain from 2021.
The all-milk price is a gross price dairy farmers receive per hundredweight of milk sold and does not include deductions for items like transportation charges, promotion costs or co-op dues. In 2014, cash receipts for milk reached an all-time high of $62.4 billion once adjusted for inflation, about 5% more than the 2022 total.— USDA ERS
