Markets hold steady with firm demand, and wide quality spreads as uneven moisture keeps the outlook cautious.

Early yields give the first clear read on new‑crop performance, showing strong quality in some areas and lighter‑than‑expected tonnage in others.

Early cuttings hint at new‑crop promise, but drought and wide quality spreads keep hay markets cautious heading into summer.

The second half of 2025 is off to a strong start with July’s U.S. dairy product exports soaring 7% (14,144 metric tons) year over year in milk solid equivalents, which was the second-largest volume moved in any month aside from August 2022.

Halfway through 2025, and the markets are favoring U.S. dairy product exports in part to continued price advantages on the global scene but also improved trade relations with China, which suppressed sales earlier in the year.

The dairy product export scene was both good and bad in May. Despite U.S. cheese exports setting yet another record for volume shipped in a single month, and others like butterfat, milk powder and high-protein whey posting year-over-year gains, shipments of low-protein whey and lactose to China plunged and caused a 2% decline in total year-over-year milk solids equivalent (MSE) exports.

As predicted, April faced headwinds against looming trade wars and strong performances seen in April of last year. U.S. dairy product export volume fell 5% year over year in April and was down 1.5% year to date.

First-quarter dairy product exports ended on a positive note, with volume growing 3% in March. As the first three months of 2025 trailed just 0.5% behind 2024 volume, the value over the same period grew 14%, marking a first-quarter record at $2.3 billion. Here’s Progressive Dairy’s 30,000-foot look at dairy-related export categories.

Depending on your geography, the 2025 forage season is underway. Regardless of where you crop, questions regarding ag and trade policies, input costs, labor, planting, production and prices are front and center. Here’s a review of what we know about hay and forage markets as you continue to look for answers.