
USDA's final 2025 class prices show the December Federal Order Class III milk price at $15.86/cwt, down $1.32 from November and the lowest since April 2024. The December Class IV price fell to $13.64, and the all-milk price dropped below $20.00/cwt for the first time since January 2024.
Lower milk class prices reduce dairy producer returns and signal weak demand for milk solids, which tends to keep dairy-based feed demand subdued.
After 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.