Output in the US will advance 1.8pc to a record 90.6 million tonnes in 2012, the Department of Agriculture estimates. Futures traded on the Chicago Mercantile Exchange already fell 29pc from a four-year high in August and may drop another 7.8pc to $14.25 per 100 pounds by July, the median of six analyst estimates compiled by Bloomberg shows. An estimated 30pc jump in US dairy exports led to the most profitable year ever for farmers, who expanded herds that now are the biggest since May 2009, USDA data show. Yields reached a record during an unusually mild winter. Supply is also rising in Australia and New Zealand, the largest exporter, and dairy was the only food cost tracked by the United Nations to decline last month.