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USDA data show September 2026 US milk output in 24 major states rose 2.7% year over year to 18.7 billion pounds, with the herd up 162,000 cows and per-cow output up 18 pounds. Butterfat levels reached a historic 4.32%, and Kansas grew strongly while Arizona declined.
Sustained production growth with rising components adds supply to dairy markets, which pressures butter and cheese prices and weakens milk income, lowering demand for dairy-based feed inputs at the margin.
dairyherd.comDairy HerdOct 25, 2026After 273 past bearish report events, Milk (Class III) moved a median -0.2% over 5 sessions (39% higher; middle half -1.3% to +0.4%), and -1.4% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
