The Latest: October - 2026
Dairy Market Continues to Diverge
The dairy markets continue to diverge. Strong demand for proteins is lifting powder values. This week, CME spot whey powder gained another 2ȼ and reached 82.5ȼ per pound, a fresh 4.5-year high. Spot nonfat dry milk added a nickel, climbing to $2.22, just 7.5ȼ below the all-time high reached this spring. Asian buyers are eager to import U.S. whey powder, propping up prices despite robust production. For NDM, both domestic and international demand are strong, while production remains restrained. Other dairy processors are lapping up much of the milk supply, spot milk prices are rising, and dryers are running light in the Southwest. U.S. milk powder exports to Mexico are formidable.
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Steep losses at mid-week and a Friday rebound added up to net gains across the board.
View reportCheddar markets lost a lot of ground, but tried to put up a fight. Barrels regained some territory signaling that the market is fumbling about for fair value.
View reportCheesemakers are still going strong, and spot milk continues to move in the Midwest. However, demand is lackluster with foodservice outlets pulling back on orders in some areas.
View reportAlthough cheese prices are much lower now than they were in June, cheese vats remain full. The other dairy markets tumbled this week as well and the futures bled copious red ink.
View reportAlthough things had started to bounce back in June, the fledgling economy recovery seems to have stalled in July as the virus rages on. The initial panic has calmed, but the pandemic will continue to disrupt the dairy industry in myriad ways.
View reportCheddar blocks have lost ground every day since they topped out less than two weeks ago. Still, there is more than enough cheese to meet demand, even if manufacturers dug into inventories last month.
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