Dairy cull cows marketed through U.S. slaughter plants in May lowest since 2008.

Sixteen states including Texas, Idaho and Kansas boosted milk production a combined 418 million pounds in April.

The June World Agricultural Supply and Demand Estimates report (WASDE) showed the 2025-26 U.S. corn outlook is little changed from last month, with lower beginning and ending stocks. Corn area and yield forecasts are unchanged. The USDA will release its Acreage report on June 30, which will provide survey-based indications of planted and harvested area.

The milk production forecasts for both 2025 and 2026 based on the latest Milk Production report as cow inventories are raised from 2025 and milk per cow is raised for both 2025 and 2026.

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.

April’s margin was $10.42 per hundredweight (cwt) after feed costs were stronger than expected and the milk price fell again, pushing the margin down from March and resulting in the year’s lowest margin yet.

Dairy cull cows marketed through U.S. slaughter plants in April lowest since 2006.

The May Feed Outlook report shows record-high 2025-26 U.S. corn supplies support elevated corn exports. U.S. old and new corn crop export forecasts are both raised this month on increased price competitiveness and the slower-than-expected pace of shipments from Argentina and Brazil.

Eighteen states including Texas, Idaho and Kansas boosted milk production a combined 387 million pounds in April.