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Dairy - Market Outlook

See the latest Livestock, Dairy, and Poultry Outlook report.

Report Summary

Dairy: Based on recent data on milk cow inventory, dairy cow slaughter, and expectations of favorable farm margins in the near-term, the forecasts for the average number of dairy cows, milk per cow, and total milk production have all been revised upward for both 2025 and 2026. Milk production is projected at 228.3 billion pounds in 2025 and 229.1 billion pounds in 2026. The forecasts for exports and domestic use have also been revised upward reflecting competitive U.S. pricing for cheese and butter as well as resilient demand for U.S. dairy products both domestically and internationally. All-milk price forecasts for 2025 and 2026 are $22.00 and $21.65 per hundredweight, respectively.