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The US dairy herd reached 9.74 million cows in September, with milk production up 2.4% year on year, marking twelve consecutive months of growth. Dairy exports rose 13.8% year on year, and the USDA raised its 2026 and 2027 milk production forecasts in the November WASDE.
A larger herd and higher USDA milk output forecasts point to more dairy supply, which weighs on dairy product prices and feed demand for dairy-related commodities. Rising export volumes partly offset this for buyers.
dairynews.todayEkaterina PetrovaNov 13, 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.
