Squeezed light finds many important applications in quantum information science and quantum metrology, and has been produced in a variety of physical systems involving optical nonlinear processes. Here, we show how a nonlinear magnetostrictive interaction in a ferrimagnet in cavity magnomechanics can be used to reduce quantum noise of the electromagnetic field. We show optimal parameter regimes where a substantial and stationary squeezing of the microwave output field can be achieved. The scheme can be realized within the reach of current technology in cavity electromagnonics and magnomechanics. Our work provides a new and practicable approach for producing squeezed vacuum states of electromagnetic fields, and may find promising applications in quantum information processing and quantum metrology.