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Record milk components continue to roll

(c) Hoard's Dairyman Intel 2026

February 12, 2026



Butterfat and protein production set new records of 4.29% and 3.34%, respectively, in 2025, according to Federal Milk Marketing Order (FMMO) data. Genetic gains propelled these numbers to new highs for four consecutive years. Based on current milk futures prices, some dairy farmers have been pulling back slightly on butterfat production by changing feed rations to produce a little less butterfat. At the same time, it is full steam ahead on protein.

The evidence for this analysis comes from USDA December milk production data along with FMMO statistics. Protein output improved 6.23% in December when compared to the same time 12 months ago. Meanwhile, butterfat grew 5.28% and overall milk production rose 4.4%.













 

A look back to look ahead

2/9/26

By Hoard's Dairyman


Everyone is well aware that milk production growth has been incredibly strong, pulling most dairy prices lower during the second half of 2025. That strong production growth was expected to keep some downward pressure on prices during the first half of 2026, or at least during the first quarter. But miraculously, cheese, butter, and nonfat dry milk prices have rallied during January while dry whey has held at historically high levels. So, why has this market rallied despite strong milk production grow? Read More





 

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