US milk production fell 0.2% YOY in September according to the USDA, reflecting continuing decline in the dairy herd. In YOY terms, September average yield per cow was up 0.2% YOY while cow numbers were down 0.4%. At 9,370m, September cow numbers were down 6,000 head on the prior month and 36,000 head below the same month in 2022. This time, the government revised historical dairy herd data and “lost” 20,000 cows since June. Including these revisions, the national dairy herd peaked in March and has declined by 74,000 head since.