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USDA's September WASDE, as quoted by the Pacific Northwest Ag Network, raised expected 2025 and 2026 US milk production and trimmed cheese, butter and nonfat dry milk price forecasts modestly. The 2025 butter forecast is $2.36/lb, still strong by historical standards.
Rising milk supply with slightly lower product price forecasts suggests softer dairy values, though US export competitiveness supports demand.
pnwag.netGlenn VaagenSep 23, 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.
