According to IANA
Port numbers are assigned in various ways, based on three ranges: System Ports (0-1023), User Ports (1024-49151), and the Dynamic and/or Private Ports (49152-65535); the difference uses of these ranges is described in [RFC6335]. System Ports are assigned by IETF process for standards-track protocols, as per [RFC6335]. User Ports are assigned by IANA using the "IETF Review" process, the "IESG Approval" process, or the "Expert Review" process, as per [RFC6335]. Dynamic Ports are not assigned.
Also from the UdpClient(port) ctor MSDN documentation:
If you pass 0 to the constructor, the underlying service provider will assign a port number.