# November 2025 DMC margin shrinks but no indemnity payments triggered | Ag Proud

> 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.

- Date: 2025-12-31 · published 2025-12-31T12:00:00.000Z
- Category: report · region US · magnitude low
- Page: https://feedsoft.ai/events/9578-november-2025-dmc-margin-shrinks-but-no-indemnity-payments-triggered-ag-proud
- Commodities: [Milk (Class III)](https://feedsoft.ai/c/MILK.md), [Corn](https://feedsoft.ai/c/CORN.md), [Soybean Meal](https://feedsoft.ai/c/SBM.md)

## Why it matters

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.

## Read by commodity

- SBM: neutral
- CORN: neutral
- MILK: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| MILK | 2025-12-03 | [November 2025 milk class prices mostly lower \| Ag Proud](https://feedsoft.ai/events/4087-november-2025-milk-class-prices-mostly-lower-ag-proud.md) | -6.9% | -11.3% |
| MILK | 2016-05-05 | [Dairy Economic Update: No spring in prices, margin -  \| Ag Proud](https://feedsoft.ai/events/4169-dairy-economic-update-no-spring-in-prices-margin-ag-proud.md) | -6.2% | -6.3% |
| MILK | 2024-12-05 | [November FMMO milk class prices mixed \| Ag Proud](https://feedsoft.ai/events/27109-november-fmmo-milk-class-prices-mixed-ag-proud.md) | -0.8% | +7.7% |
| MILK | 2023-12-15 | [November prices aided by higher components as Class IV pooling stays low \| Ag Proud](https://feedsoft.ai/events/32870-november-prices-aided-by-higher-components-as-class-iv-pooling-stays-low-ag.md) | -0.7% | -6.4% |
| MILK | 2024-11-18 | [Market Outlook November 2024 - Dairy Producer](https://feedsoft.ai/events/27402-market-outlook-november-2024-dairy-producer.md) | -0.3% | -5.9% |
| CORN | 2025-03-18 | [China's pig production expected to grow marginally in 2025](https://feedsoft.ai/events/25575-china-s-pig-production-expected-to-grow-marginally-in-2025.md) | -1.9% | +2.0% |
| CORN | 2022-11-18 | [CIH Hog Margin Watch: November - Swineweb.com - Complete Swine News, Markets, Commentary, and Technical Info](https://feedsoft.ai/events/38834-cih-hog-margin-watch-november-swineweb-com-complete-swine-news-markets.md) | -1.5% | -5.1% |
| CORN | 2017-09-29 | [Final Market-Year Prices Detail PLC Payments, But ARC-County Numbers Likely Next Week](https://feedsoft.ai/events/69014-final-market-year-prices-detail-plc-payments-but-arc-county-numbers-likely-next.md) | +3.1% | +2.4% |

## Sources

- agproud.com: https://www.agproud.com/articles/62705-november-2025-dmc-margin-shrinks-but-no-indemnity-payments-triggered

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.