The T.C. Jacoby Weekly Market Report Week Ending October 17, 2025 The dairy industry is the victim of its own success. Heavy milk output continues to weigh on milk and dairy product prices. USDA’s Dairy Market News reports that in California, milk production tops year-ago levels by a wide margin, “edging into double digits.” The eye-popping year-over-year increase can be partially explained by the onset of the devastating bird flu last year and the healthier herd today. That

In August of 1986, President Reagan held a press conference discussing the role of government in agriculture. He was against government interference in the agriculture markets. His famous quote was the nine most terrifying words in the English language: “I’m from the government, and I’m here to help.” At this moment, everyone in the beef industry should be terrified. The White House says they have a plan to lower beef prices. The comment sent feeder cattle futures limit down

Milk production is strong in the U.S. — up more than 4% versus the prior year in some recent months. While partially supported by easy to overcome prior year comparable datapoints, when output was negatively impacted by the avian influenza outbreak, the volume growth is the strongest noted since 2021 and follows three years of relatively flat production noted in 2022-2024. In addition to growing volume, components continue to increase as well, with butterfat and protein level