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US milk production rose 2.7% year on year to 19.3 billion pounds in Q3 2026, while the dairy herd reached 9.72 million head. Increased butter and cheese output contributed to inventory growth and year-on-year wholesale price declines of 29% for butter and 14% for cheese in September, while nonfat dry milk and dry whey prices rose on strong demand.
Growing US milk and product supplies, alongside accumulating butter and cheese inventories, weigh on dairy prices; demand for protein ingredients is supporting dry milk and whey instead. Higher feed grain and protein-meal costs also squeeze dairy farm margins, potentially limiting future herd expansion.
insights.tridge.comNov 5, 2026After 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.
