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USDA's August Livestock, Dairy, and Poultry Outlook kept its 2026 milk production forecast at 236.6 billion pounds but lowered the all-milk price forecast on weaker butter and nonfat dry milk prices. The June dairy herd rose to 9.677 million cows, 192,000 more than a year earlier, and USDA now projects 2027 all-milk at $19.80/cwt.
A growing herd and higher output add supply, keeping milk prices under pressure and capping dairy-driven demand for feed; the lower price outlook narrows producer margins.
dairyproducer.comTanya EadieAug 22, 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.
