Dairy Pricing Opportunity Act of 2023

Dairy Pricing Opportunity Act of 2023

This bill directs the Department of Agriculture (USDA) to hold national hearings to review Federal Milk Marketing Orders. (USDA uses these orders to establish a minimum price for various classes of milk.) The hearings must include the review of proposals from producers and the dairy industry on the price of Class I skim milk.

The bill also requires manufacturers to report cost and yield information for all dairy products processed in the same facility or facilities to USDA's Dairy Product Mandatory Reporting Program. Further, every two years, USDA must publish a report containing the information obtained under these new requirements.

Bill 118 hr 1756, also known as the Dairy Pricing Opportunity Act of 2023, aims to address issues within the dairy industry by implementing a new pricing system for dairy products. The bill seeks to provide dairy farmers with more stability and predictability in their pricing, ultimately helping to support the industry as a whole.

One key aspect of the bill is the establishment of a new pricing formula for dairy products, which takes into account various factors such as production costs, market demand, and inflation. This new formula is designed to ensure that dairy farmers receive fair compensation for their products, while also allowing for flexibility in pricing to respond to market changes.

Additionally, the bill includes provisions for increased transparency in pricing, requiring dairy processors to provide more information on how prices are determined. This transparency is intended to help farmers better understand the pricing process and advocate for fairer prices. Overall, the Dairy Pricing Opportunity Act of 2023 aims to support the dairy industry by providing farmers with a more stable and fair pricing system. By addressing issues related to pricing and transparency, the bill seeks to promote the long-term sustainability of the dairy industry in the United States.