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US butter and cheese production rose year over year in August, with butter up 6.3% to 187 million pounds and cheese up 1.4% to 1.245 billion pounds. The September Milk Production report showed 9.72 million milk cows, 172,000 more than a year earlier, lifting milk output in 24 major states by 2.7%.
Butter inventories were up 16% and cheese inventories up 2% year over year.
Rising cow numbers and milk output are creating a surplus of milk fat and cheese, with stocks building. That heavy supply is bearish for milk prices and dairy-based feed ingredients.
dairyherd.comNov 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.
