The Latest: November - 2025
Larger Herd Continues to Drive Stronger Output
Milk continues to gush across the United States. In the most recent Milk Production report, USDA pegged October production at 19.47 billion pounds, representing a year over year gain of 3.7%. A larger herd continues to drive stronger output, but the tide may be shifting. For the first time this year dairy producers reduced cow numbers by 6,000 head during October, bringing the national herd to 9.575 million head. Even so, cow numbers are up an astonishing 208,000 head compared to a year ago.
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Hot weather weighed on U.S. milk yields and slowed milk powder output in August. As the impacts of the summer heat wave fade and bottlers settle into the school milk routine, there is more milk available for processing.
View reportThe bulls were put out to pasture this summer, grazing in paddocks far from LaSalle Street. But fall is here, and they are back home enjoying a high energy ration, pushing several markets to their highest price in months.
View reportSoaring temperatures in much of the country and unusually humid conditions in the Southwest added up to a lot of stress. National average milk yields fell short of year-ago levels, an exceptionally rare occurrence.
View reportAccording to the National Oceanic and Atmospheric Administration, the U.S. just suffered its hottest summer ever. Soaring temperatures weighed on milk yields and tightened supplies as heat stress accumulated late in the summer and into September.
View reportThe Global Dairy Trade (GDT) auction kicked things off with bang and all products gained significant ground. Cheesemakers are running at their usual pace, as long as they can find the staff to do so and demand remains healthy.
View reportCME spot butter jumped 9ȼ this week. July butter production fell 0.8% short of the frantic pace of July 2020, but was still historically high. There is plenty of butter socked away to last through the fall and holiday baking season.
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