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USDA data show U.S. milk output rose 3.6 percent from August through October, driven by more cows and higher output per cow. October's Class I base price fell to $18.04 per cwt, more than $5 below a year earlier, with Class III and IV also down.
USDA expects the 2026 all-milk price to average $1.80 per cwt lower while production rises another 2.4 percent.
Expanding supply alongside falling class prices points to further downside for dairy product and milk prices into 2026, squeezing farm margins and reducing demand for dairy-linked feed ingredients.
rfdtv.comTony St. JamesDec 4, 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.
