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USDA's February Dairy Outlook projects a 2026 dairy cow herd of 9.540 million head, 15,000 fewer than last month's estimate. Milk per cow is forecast at 24,585 pounds, 65 pounds higher, lifting total 2026 milk output to 234.5 billion pounds and raising price forecasts.
A smaller herd offset by stronger per-cow output keeps milk supply growing modestly, while firmer price forecasts support milk prices for the year.
dairyproducer.comTanya EadieFeb 18, 2026After 237 past bullish report events, Milk (Class III) moved a median +0.0% over 5 sessions (51% higher; middle half -0.3% to +0.6%), and +1.2% 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.
