Milk Supplies Continue to Outpace Demand

The T.C. Jacoby Weekly Market Report Week Ending January 2, 2026

While impressive, the U.S. is far from the only place that is demonstrating such a growth trajectory for milk production. Volumes are rising in nearly every corner of the globe. While complete data is not yet available, cumulative milk production across the top five main dairy exporters – Argentina, Australia, Europe, New Zealand, and the U.S. – likely grew by at least 3.5% between September and November, a feat that has not been achieved since 2014.

The ball has dropped, the confetti has settled, and the calendar page has officially flipped to 2026. But if you are searching for new year optimism, you may have to look beyond the dairy markets. The market tone remains decidedly bearish as plentiful milk supplies continue to outpace demand.

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Jan. 5, 2026

dairybusiness.com