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USDA's new outlook projects 2026 U.S. milk production at 234.1 billion pounds, with a slightly larger herd of 9.555 million head. The all-milk price is forecast to fall about 11% to $18.75 per hundredweight, while whey prices are expected to hold up.
A larger herd and higher output per cow point to lower dairy prices in 2026, which weighs on milk and dairy-derived feed ingredient values for buyers.
capitalpress.comKyle OdegardDec 26, 2025After 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.
