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USDA's December WASDE lowered its 2026 U.S. milk production forecast by 200 million pounds to 234.1 billion pounds because of lower cow inventories. It also cut 2026 cheese and butter price forecasts, while raising the dry whey forecast.
Lower projected cheese and butter prices reduce milk value, while firmer whey supports dairy protein demand for feed ingredients.
cheesereporter.comdebbieDec 10, 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.
