USDA – Dairy: World Markets and Trade, Jul 2025

The main topic of the report is the analysis of global dairy markets and trade.

Key findings include: U.S. milk production is forecast to be 1.1% higher in 2025 due to increased herd size and expanded processing capacity. U.S. exports were strong in the first 5 months of 2025, particularly due to competitive prices for butter and cheese. New Zealand's milk production is also expected to be higher due to increased yields and stable herd size. Argentina's milk production is forecast to grow following a downturn caused by an economic crisis. Milk production in the European Union continues to decline due to environmental regulations and low profitability. Australia's milk production is forecast to decline by less than 1% due to drought.