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USDA NASS Ag Prices data released Dec. 31 show the November 2025 DMC margin fell to $10.04/cwt, the smallest of the year, as feed costs rose and the US average milk price dropped 30 cents to $19.70/cwt.
No indemnity payments were triggered, extending the no-payment streak to 21 months.
Narrowing dairy margins and rising feed costs such as corn and soybean meal signal tighter producer economics, which can slow milk output growth over time.
agproud.comDave NatzkeDec 31, 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.
After 770 past neutral report events, Corn moved a median +0.2% over 5 sessions (54% higher; middle half -1.1% to +1.6%), and +0.7% over 20.
After 250 past neutral report events, Soybean Meal moved a median -0.1% over 5 sessions (49% higher; middle half -1.6% to +1.7%), and +0.4% 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.
