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USDA's May supply-demand report raised its 2025 US milk production forecast by 400 million pounds to 227.3 billion pounds. It also lifted 2025 price forecasts for cheese to $1.84/lb, butter, nonfat dry milk and whey, and Class III to $18.70/cwt.
The first 2026 outlook projects lower prices as milk output grows.
Higher 2025 price forecasts support dairy product and milk values, while the projected 2026 production increase points to softer prices later. Higher-priced dairy products also affect the economics of dairy feed use.
cheesereporter.comMay 16, 2025After 237 past bullish report events, Milk (Class III) moved a median +0.0% over 5 sessions (51% higher; middle half -0.3% to +0.6%), and +1.2% 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.
