U.S. milk production is hitting records, but shrinking replacement heifer numbers and aging herds signal tighter, more volatile dairy markets ahead.

Butter, anhydrous milk fat (AMF) and cheese export growth are providing some relief, but excess supply continues to weigh on producer prices. As milk prices fall, feed costs are rising, leading NMPF ...

The T.C. Jacoby Weekly Market Report Week Ending January 23, 2026 But even though the specter of excess global ...