DAIRY MARKET REPORT VOLUME 28 | ISSUE 11
11/26/2025
EDITOR’S NOTE Some of the data normally reported in the Dairy Market Report is still not available or is reported on a delayed schedule due to the recent government shutdown. This issue reports on the latest available dairy data.
OVERVIEW U.S. fluid milk sales in September were 2.5% higher than a year earlier. Exports during June-August were significantly higher than during the same period a year earlier. The recent expansion of U.S. milk production may be cresting; USDA reported October production and dairy cow numbers were up over a year earlier by slightly smaller percentages than during September. The NDPSR-reported dairy product prices were almost all lower in October than a month earlier, as were all the federal order class prices.
COMMERCIAL USE OF DAIRY PRODUCTS U.S. fluid milk sales in September were 2.5% higher than in September a year earlier, following a 4% annual drop the previous month.
DOMESTIC COMMERCIAL USE
JUL-SEP 2025
JUL-SEP 2024
2024-2025 CHANGE
PERCENT CHANGE
(million pounds) Total Fluid Milk Products
10,416
10,514
-98
-0.9%
U.S. DAIRY TRADE U.S. dairy exports during August were lower than in June and July but above a year ago, as measured in milk solids equivalent. June-August exports were significantly higher than during the same period a year earlier by the same measure and as a percentage of U.S. milk solids production, despite the strong growth of the latter. Exports of butter, other dairy fats, and American-type cheese were up significantly from a year earlier during the June-August
period, which saw industry-funded export assistance resume via the NEXT program inaugurated by NMPF. Changes in domestic-world price relationships contributed to large drops in butter and cheese imports from a year earlier during June-August. Imports of concentrated milk proteins, MPC and casein, were down in total on the year. Total imports were significantly lower during the period than a year ago.