Dairy Pricing and Policy Commission Act of 2020 This bill directs the Department of Agriculture (USDA) to establish the Dairy Pricing and Policy Commission. The commission must conduct a comprehensive study on (1) decreasing real values of dairy farmer milk prices and income; (2) economic and policy causes for the declining number of small and medium-sized dairy operations; (3) levels of milk production in the United States with regional changes in farm numbers, cow numbers, and milk production per cow; (4) opportunities and challenges for increasing domestic and export demand for dairy products; (5) effects of declining dairy farm numbers on rural economies; and (6) causes for the consolidation within the dairy industry. In conducting the study, the commission shall develop legislative, regulatory, and market-based recommendations to improve milk prices and dairy farm profitability, including for responding to periods of heightened dairy production during low prices, enhancing competitiveness of American dairy in world markets, and evaluating new markets for dairy exports. The commission shall terminate on the earlier of (1) the date it submits to USDA and Congress a report containing the results of the study, including the legislative and regulatory recommendations; or (2) the date that is two years after the date of its first meeting.