The exit of dairy operations since 2017 has attracted considerable attention (see, for example, MacDonald, Law, and Mosheim, July 2020). The 2022 Census of Agriculture confirms a profound decline, even within the context of the long-standing decline in dairy herds. The economic pressure for fewer dairy herds is abating but remains notable. An important question is, “What role did current dairy policy play in the post-2017 consolidation?”