1. Short title This Act may be cited as the Dairy Pricing Opportunity Act of 2023 . 2. Notice and hearings (a) In general Not later than 180 days after the date of enactment of this Act, the Secretary of Agriculture shall provide notice of, and initiate, national hearings to review Federal milk marketing orders under section 8c(3) of the Agricultural Adjustment Act ( 7 U.S.C. 608c(3) ), reenacted with amendments by the Agricultural Marketing Agreement Act of 1937, which shall include review and consideration of views and proposals of producers and the dairy industry on the Class I skim milk price, including the higher of Class I skim milk formula described in subsection (b) and any other views and proposals on the Class I skim milk price, and such other matters as the Secretary of Agriculture considers appropriate. (b) Higher of Class I skim milk formula described The higher of Class I skim milk formula referred to in subsection (a) is the formula under which, for purposes of determining prices for milk of the highest use classification, the Class I skim milk price per hundredweight specified in section 1000.50(b) of title 7, Code of Federal Regulations (or successor regulations), is equal to the sum obtained by adding— (1) the adjusted Class I differential specified in section 1000.52 of that title (or successor regulations); (2) the adjustment to Class I prices specified in sections 1005.51(b), 1006.51(b), and 1007.51(b) of that title (or successor regulations); and (3) the higher of— (A) the advanced pricing factor computed under section 1000.50(q)(1) of that title (or successor regulations); and (B) the advanced pricing factor computed under section 1000.50(q)(2) of that title (or successor regulations). 3. Mandatory reporting of dairy product processing costs Section 273 of the Agricultural Marketing Act of 1946 ( 7 U.S.C. 1637b ) is amended— (1) in subsection (b)(1)— (A) in subparagraph (A)(ii), by striking and at the end