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USDA's July supply-demand estimates raised its 2026 milk production forecast by 200 million pounds to 236.6 billion and its 2027 forecast by 1.1 billion pounds to 238.1 billion. The agency lowered most dairy product and milk price forecasts, with Class III cut to $16.15 and Class IV to $18.40 per hundredweight for 2026.
Heavier milk supply pressures cheese, butter and powder prices, lowering the farm milk price outlook for dairy-based feed demand and dairy-linked feed ingredients.
cheesereporter.comCaroline StahlJul 10, 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.
