
USDA's 2021 annual dairy product report shows frozen yogurt production up more than 32 percent and sherbet up 10 percent as foodservice demand normalized after the pandemic. Cheese output rose 3.5 percent while butter fell 3.5 percent and ice cream declined.
Shifts in product mix change how much milk solids go to cheese versus butter and powders, which affects dairy ingredient demand and feed-related dairy byproduct flows. The effect on feed commodity prices is small since this covers past annual output.
After 136 past neutral report events, Milk (Class III) moved a median -0.1% over 5 sessions (43% higher; middle half -0.7% to +0.5%), and -0.3% 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.