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USDA's November supply-demand estimates raised its 2026 milk production forecast by 800 million pounds to 237.7 billion and its 2027 forecast by 2.3 billion pounds to 240.7 billion. Nonfat dry milk and dry whey price forecasts were raised for both years, while the butter price forecast was lowered.
Higher milk output and firmer NDM and dry whey prices reflect strong demand for high-protein products, which supports dry whey as a feed ingredient. Lower butter forecasts signal milkfat supply outpacing demand.
cheesereporter.comNov 13, 2026Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
After 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.
