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USDA data showed U.S. milk production in January 2026 at 19.81 billion pounds, up 3.2% from a year earlier, with the dairy herd at 9.58 million cows. Class III futures have traded in roughly a $2 range this year, with the April contract capped near $18 and supported around $16.
U.S. dairy exports in December 2025 rose 15% year over year.
Heavy milk supply limits how far dairy futures can rally, even with firm export demand for cheese and other products. For feed buyers, the outlook points to steady dairy-cow feed demand rather than a sharp price-driven shift.
farmprogress.comNaomi BlohmMar 16, 2026Not enough comparable past events yet for a historical read.
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.
