The July Feed Outlook report shows new data shape expectations for a net decrease for new-crop feed grains production, relative to the prior projections informed by the March-released Prospective Plantings report.

Twenty states including Idaho, Texas and California boosted milk production a combined 659 million pounds in June.

Ran in print 1425 PD page 

The July World Agricultural Supply and Demand Estimates report (WASDE) showed this month’s 2025-26 U.S. corn outlook is for smaller supplies, domestic use and ending stocks. Corn beginning stocks are cut 25 million bushels to 1.3 billion, reflecting an increase in exports that is partly offset by lower feed and residual use for 2024-25.

The milk production forecasts for both 2025 and 2026 are raised from last month based on higher cow inventories and an increased rate of growth in milk output per cow based on the latest information published in the National Agricultural Statistics Service (NASS) Milk Production report.

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.

May’s margin was $10.41 per hundredweight (cwt), only a 1 cent decline from April’s margin and the result of movements in the all-milk price and feed costs that largely offset each other.

The June Feed Outlook report shows corn ending stocks for 2024-25 are lowered as export outlook strengthens. Ahead of the end of June USDA National Agricultural Statistics Service Grain Stocks report and Acreage reports, limited changes to the 2024-25 and 2025-26 balance sheets are described in the mid-June World Agricultural Supply and Demand Estimates (WASDE) report.

If you have tuned into the news recently, you may have noticed that the road has gotten a little bumpy.