The T.C. Jacoby Weekly Market Report Week Ending November 14, 2025 Market incentives have trumped biology and overcome the heifer shortage. Buoyed by several years of positive margins, dairy producers on both sides of the Atlantic have lowered cull rates, added cows, and amped up milk yields. In the U.S., dairy producers added 42,000 cows in August and another 40,000 head in September. Producers who had put off expansions when interest rates first climbed in 2022 eventually m

Global Dairy Trade index plunges 13% since August with butter down 7.6% and whole milk powder off 21% from peak, threatening New Zealand’s $10 farmgate forecast. Global Dairy Trade prices have extended their downward trajectory for an unprecedented seventh consecutive auction, with the overall price index declining three percent and severe losses concentrated in butterfat products—butter plummeting 7.6 percent and anhydrous milk fat dropping five percent. The relentless decli

Due to the government shutdown, the USDA resumed its monthly World Ag Supply and Demand Estimates (WASDE) report released on Nov. 14. Milk production, prices The milk production forecast for 2025 is raised from the previous report. Higher milk cow inventories and robust milk per cow through the third quarter of 2025 were reported in the recent Milk Production report. Estimated at 231.4 billion pounds, it was raised 1,400 million pounds from September’s report. Click here to c