# Class III to $16.70: extra cows are in the curve

> December 2026 Class III milk futures settled at $16.93 per hundredweight on November 10, 2026. The analyst's base case projects a drift to $16.70 by the November 20 Milk Production report, citing September US milk output up 2.6% year on year and a growing herd.

- Date: 2026-11-12 · published 2026-11-12T18:09:05.649Z
- Category: market · region US · magnitude low
- Page: https://feedsoft.ai/events/95835-class-iii-to-16-70-extra-cows-are-in-the-curve
- Commodities: [Milk (Class III)](https://feedsoft.ai/c/MILK.md), [Dry Whey](https://feedsoft.ai/c/WHEY.md)

## Why it matters

A growing US dairy herd and higher milk output point to softer Class III milk prices, which bears on dairy-based feed demand such as dry whey and nonfat dry milk. The article is a price call on the futures curve rather than a new supply shock.

## Read by commodity

- MILK: bearish ▼
- WHEY: bearish ▼

## Sources

- theindustryspread.com: https://theindustryspread.com/class-iii-extra-cows-in-the-curve/

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