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USDA NASS reported that US milk output for September 2026 reached 19.443 billion pounds, up 2.6% from a year earlier. The national dairy herd grew by 169,000 cows to 9.743 million, and output per cow rose to 1,996 pounds per month.
The USDA Economic Research Service projected a 2026 all-milk price of $19.90 per hundredweight.
Larger herd and per-cow output add to milk supply, which is bearish for milk prices and weighs on farm margins. Higher milk output can also support demand for dairy feed inputs, but feed costs remain a pressure for producers.
farm.fmAnnika SteinmannNov 3, 2026After 273 past bearish report events, MILK 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.
