The Latest: October - 2025
Falling International Prices Spooked the U.S. Powder Market
Falling international prices spooked the U.S. milk powder market. At this week’s Global Dairy Trade (GDT) Pulse auction, skim milk powder (SMP) prices fell 0.7% from last week’s GDT event, dropping to a 13-month low of $2,530 per metric ton, equal to nonfat dry milk (NDM) at around $1.22 per pound. Whole milk powder prices slipped 0.9% to a one-year low. Manufacturers in Europe and Oceania are flush with milk, and dryers are running hard.
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The gains were driven by impressive improvements in milk production per cow. Higher prices and mild weather have boosted milk output.
View reportSpot Cheddar is still at a rather lofty perch and spot barrels have the highest value in more than five years. The markets are doing their job.
View reportCME spot Cheddar barrels reached a five-year high, then the bids dried up.
View reportThe Cheddar market was already red hot, but barrels pushed the mercury even higher this week.
View reportFresh cheese is tight, and the markets seem to have someone – or several someones – over a barrel. High prices are working to trim demand at the margins, boost production, and attract imports.
View reportJudgment is further clouded by stupefying volatility and a sense of déjà vu. Sky-high cheese prices are simply difficult to sustain.
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