The T.C. Jacoby Weekly Market Report Week Ending November 21, 2025 Milk continues to gush across the United States. In the most recent Milk Production report, USDA pegged October production at 19.47 billion pounds, representing a year over year gain of 3.7%. Growth remains similar to recent months, though USDA did revise the September increase down from 4% to 3.8%. A larger herd continues to drive stronger output, but the tide may be shifting. For the first time this year dai

A White House Executive Order issued Thursday modifies the scope of earlier tariffs placed on products from Brazil, effectively removing the additional 40% duty applied to Brazilian beef. The change reverses part of a July trade action that had imposed elevated import duties on multiple categories of Brazilian goods. It’s the latest effort by the Trump administration to bring food prices down for Americans. Brazil is the world’s largest beef exporter, and its product plays a

Class I base milk price rebounds to $18.21 in December 2025 The Federal Milk Marketing Order (FMMO) advanced Class I base price rebounded in December 2025, rising $1.46 per hundredweight (cwt) from November’s low to hit $18.21 per cwt. November’s Class I base milk price was the lowest in 2025 and the lowest on record since August 2023. Despite the increase in December 2025, the Class I base price is $3.22 per cwt less than December 2024 and the lowest for that month since 201