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.

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 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.

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.

The USDA’s World Ag Supply and Demand Estimates (WASDE) report offers forecasts for dairy, beef and feedstuffs.

March’s margin was $11.55 per hundredweight (cwt), the result of a relatively stable feed cost but sinking all-milk price as then-talks of a looming trade war pressured the export market while domestic consumer spending cooled at the same time.

The USDA’s World Ag Supply and Demand Estimates (WASDE) report offers forecasts for dairy, beef and feedstuffs.