As trade data continues to be released following the six-week government shutdown last fall, records indicate a favorable end to the 2025 year for U.S. dairy products.

Based on preliminary slaughter data for the month of December, the forecast for fourth-quarter 2025 beef production is raised 50 million pounds from last month. The change reflects a marginal increase in fed cattle and cow slaughter that more than offsets a decline in bull slaughter from last month’s forecast.

Both feed costs and the milk price fell month over month for a DMC margin of $9.42 per hundredweight (cwt), triggering the first and only payment in 2025.

The influx of milk has pushed prices downward, and despite alternative revenue sources helping ease the pain on farms’ bottom lines, pressure is mounting on margins.

Based on latest USDA monthly Livestock Slaughter report data, the number of dairy cull cows marketed through U.S. slaughter plants in December 2025 was estimated at 248,400.

Nineteen states including California, Kansas and Idaho boosted milk production a combined 904 million pounds in December.

The January Feed Outlook report shows estimates of the 2025-26 corn crop were elevated to 17 billion bushels. Corn production was already a record high prior to the update, subsequently the U.S. corn harvest was augmented by gains in harvested area – up 1.2 million acres and 1.3% from the prior forecast to 91.3 million.

Beef exports data for September took another downturn in September 2025, according to data released by the USDA. As expected, beef exports took another hit in September, with total beef exports dropping to the lowest level in five years.

The January World Agricultural Supply and Demand Estimates report (WASDE) showed this month’s 2025-26 U.S. corn outlook is for larger production; higher feed and residual use; reduced food, seed and industrial use; and greater ending stocks. Corn production is estimated at 17 billion bushels, up 269 million on a 0.5-bushel increase in yield to 186.5 bushels per acre and a 1.3-million acre rise in harvested area.

Since the July 2025 WASDE, corn-harvested area has surged 4.5 million acres. Notably, the record corn crop in 2025 exceeds the prior high set in 2023 by 1.7 billion bushels or over 40 million tons.