NOTE: The WASDE report only considers trade policies that are in effect at the time of publication. Further, unless a formal end date is specified, the report also assumes that these policies remain in place.
Milk production in 2026 is forecast to increase from 2025, driven by an expanding milk cow herd and slightly higher milk per cow. Commercial exports are forecast to be lower than in 2025 on a fat basis, but higher on a skim-solids basis due to additional exports of whey products. Commercial imports are forecast to increase on a fat basis due primarily to increases in imports of butter. Imports on a skim-solids basis are forecast to increase slightly. Domestic use in 2026 is expected to increase on both a fat basis and skim-solids basis. Dairy product prices are forecast to be lower for butter, nonfat dry milk (NDM), cheese, and whey, compared with 2025, primarily due to increased milk supplies. As a result, Class III and Class IV prices are also forecast lower in 2026. The all milk price in 2026 is forecast to be $21.15 per cwt.
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