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Dairy - Market Outlook

See the latest Livestock, Dairy, and Poultry Outlook report.

Report Summary

Dairy: The forecasts for the average number of dairy cows, milk per cow, and total milk production have been revised upward for both 2025 and 2026. Milk production is projected at 230.0 billion pounds in 2025 and 231.3 billion pounds in 2026. With higher expected milk production, the forecasts for Class III and IV milk prices are revised downward for both years reflecting lower price expectations for Cheddar cheese, butter, and nonfat dry milk. All-milk price forecasts for 2025 and 2026 are $21.35 and $20.40 per hundredweight, respectively.