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USDA raised its 2026 and 2027 U.S. milk production forecasts in the July WASDE, while lowering Class III and Class IV price forecasts. The 2026 Class III average was cut to $16.15/cwt and the Class IV average to $18.40/cwt.
Corn ending stocks were also reduced on higher feed use and greater exports.
Higher projected milk output and lower price forecasts point to weaker dairy prices, while the tighter corn balance supports feed grain values.
dairystar.comThe “Mielke” Market Weekly By Lee MielkeJul 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.
After 1,040 past bullish report events, Corn moved a median +0.5% over 5 sessions (62% higher; middle half -0.9% to +2.0%), and +0.8% 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.
