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USDA raised its 2026 milk production forecast by 100 million pounds to 235.4 billion pounds on a larger cow herd. Price forecasts were mixed, with Class III raised to $17.00 per cwt, Class IV raised to $19.95, and butter lowered to $1.725 per pound.
Higher milk output forecasts add supply pressure, but raised Class III and IV prices support dairy returns and dairy-based feed demand.
cheesereporter.comCaroline StahlMay 15, 2026After 136 past neutral report events, Milk (Class III) moved a median -0.1% over 5 sessions (43% higher; middle half -0.7% to +0.5%), and -0.3% 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.
