The July World Agricultural Supply and Demand Estimates report (WASDE) showed this month’s 2026-27 U.S. corn outlook is for smaller supplies, greater exports and reduced ending stocks. Corn beginning stocks are cut 125 million bushels to 2 billion, reflecting an increase in feed and residual use that is partly offset by a reduction in corn used for ethanol for 2025-26.

The July Feed Outlook report shows the 2026-27 U.S. feed grains production is raised slightly. On June 30, the USDA National Agricultural Statistics Service (NASS) released its annual Acreage report, providing the first revisions to planted acres for feed grains since March.

Based on latest the USDA monthly Livestock Slaughter data, the number of dairy cull cows marketed through U.S. slaughter plants in June 2026 was estimated at 208,100.

Twenty-two states including Texas, Kansas and Wisconsin boosted milk production a combined 444 million pounds in June.

USDA’s July WASDE raised 2026 milk production slightly to 236.6 billion pounds on expectations of a larger cow herd and a decrease in milk output per cow.

May proved to be another enthusiastic month for U.S. dairy exports, with the year-over-year volume growth streak now reaching eight consecutive months as exports rose 14% in milk solids equivalent terms. All of this is despite low nonfat dry milk/skim milk powder (NDM/SMP) shipments – due to steep price comparison – reigning in what might have been a record month.

While the market for Class IV milk is still strong, the markets are signaling a retreat is near. The June USDA Announcement of Class and Component Prices report indicated the Class IV milk price falling more than $2 from the month prior, and while the Class III price also fell, the gap between the two is closing as the markets search for balance.

The June Feed Outlook report shows global coarse grains production is raised for 2025-26 and 2026-27. This month’s outlook is for increased global coarse grains, with marketing year 2025-26 raised 15.5 million metric tons (MT) and 2026-27 raised 5.8 million MT.

The USDA National Agricultural Statistics Service (NASS) Agricultural Prices report, released June 29, established May’s Dairy Margin Coverage (DMC) program calculations. As the all-milk price rose 50 cents, the total feed costs rose 42 cents, boosting the DMC margin 8 cents to $10.62 per hundredweight (cwt) for the month.

The USDA confirmed the discovery of New World screwworm (NWS) in a calf in Texas on June 3, 2026. Subsequently, additional cases have been identified in livestock and pets within the U.S. In response to these NWS cases, the USDA and local state officials have implemented actions to contain and monitor the movement of the pest, including quarantines and movement controls of livestock in affected areas.