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Lee Mielke's weekly column covers the June WASDE, which raised 2026 U.S. milk production to 236.4 billion pounds and 2027 to 237.0 billion. Class III is projected at $16.60 per cwt for 2026, down 40 cents, and Class IV at $19.35, down 60 cents.
Both are below 2025 levels.
Higher production with lower Class III and IV price forecasts points to weaker U.S. milk prices. Cheese and powder price declines are driving the downgrade.
thelandonline.comLee MielkeJun 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.
