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U.S. milk production was 3.3% above the prior year as of June, driven mainly by a larger herd of 9.47 million cows. Growth in output is partly a rebound from avian influenza losses in 2024.
The analysis says demand must absorb the added supply through the rest of 2025.
Sustained supply growth ahead of demand is bearish for dairy prices, which in turn affects the milk-feed price ratio for buyers.
Not enough comparable past events yet for a historical read.
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.