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USDA's June dairy outlook raises its 2026 U.S. milk production forecast to 236.4 billion pounds and its 2027 forecast to 237.0 billion. Growth comes from a larger dairy herd and higher milk yields per cow, with April output 2.7% above a year earlier.
Weaker dairy product prices are pulling down milk price forecasts.
Rising U.S. milk supply combined with softer product prices points to lower milk prices ahead, which weighs on Class III milk futures. Lower feed costs are helping producer margins, which should keep herd growth going.
dairyproducer.comTanya EadieJun 23, 2026After 273 past bearish report events, MILK 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.
