It has been nearly 20 years since I was in the dairy
business (had herd of Alpine goats) but yes, bag balm
was what we used. Of course, my "ladies" routinely
lay with their teats on the ground, occasionally
stepped on each other's breasts, etc.  Not what I see
in my current population <g> .  Goldenseal was
actually what we used more often to aid healing; bag
balm was helpful for our hands which were chapped
by so much washing of dairy equipment. (This was
before hypoallergenic lanolin was available...)