Wednesday, November 4, 2026

Wednesday Morning Dairy Market Update - US Exports To Be Released Today

OPENING CALLS:

Class III Milk Futures: 1 to 10 Higher
Class IV Milk Futures: Mixed
Butter Futures: 0.50 to 1.50 Lower

OUTSIDE MARKET OPENING CALLS:

Corn Futures: 1 to 2 Lower
Soybean Futures: 8 to 12 Lower
Soybean Meal Futures: $1.50 to $2.00 Lower
Wheat Futures: 1 to 2 Lower

MILK:

Class III futures trading 1 to 5 cents higher Wednesday morning. The Global Dairy Trade (GDT) auction took place Tuesday with an overall increase of 3% from October's auction. Whole milk powder along with skim milk powder traded higher while anhydrous milk fat traded lower. Nonfat dry milk (NDM) has been having a big rally this week, continuing the momentum that started last week. Futures have had expanded limits for three consecutive trading days as a limit move higher happened last week, expanding the daily limit to 8 cents. Since then, NDM has had at least one contract month's trade above the usual 4 cent limit every day, keeping the expanded limits in place. Prices have not yet surpassed the October high but are very close to doing so.

CHEESE:

Cheese's multiweek rally seems to have come to an end with a large sell-off in the cash market on Friday and choppy trade ever since. Supplies are steady, and production is going strong. Micro batches are being produced to focus on holiday specialty product demand, but overall, there is little reason for the market to rally further unless retail demand grows stronger.

BUTTER:

Tuesday's GDT auction highlighted what the market has been seeing for butter. There is some added demand domestically, however, the market is wanting more exports. The world has a comfortable supply of butter, but what the world wants is high protein, low-fat products.




Tuesday, November 3, 2026

Tuesday Closing Dairy Market Update - Global Dairy Trade Up 3%

GENERAL OVERVIEW:

The Global Dairy Trade auction took place today with the GDT Price Index up 3.0% from the October 20 auction. The average winning price was $4,166 with the biggest gains seen in Cheddar, Mozzarella and Whole Milk Powder.

MILK:

Class III futures ended the day lower with afternoon trade down 7 to 15 cents lower. Class IV had limited trading activity however the December contract was trading 10 cents higher near the close. The GDT auction took place Tuesday morning with the index pricing higher for the third auction in a row. There were 166 participating bidders and 39,806 MT were sold. The average price was up 3%. Anhydrous Milk Fat was down 3.2%, Lactose was up 3.3%, Skim Milk Powder was 3.1% higher and Whole Milk Powder was up 5.9%.

AVERAGE CLASS III PRICES:

3 Month: $16.66
6 Month: $16.82
9 Month: $16.98
12 Month: $17.18

CHEESE:

Cheese futures traded on both sides of the market Tuesday with some early morning gains, midday trading lower and nearly back even by closing calls. The market was 0.8 to 1.5 cents lower at settlement. In the GDT auction, cheese prices were some of the biggest leaders in price increases from the October 20 auction. Cheddar had the highest gains of 8.6%, trading at $3,970. Mozzarella increased 5.8% at $4,104.

BUTTER:

Butter futures were trading 0.5 to 3.8 cents lower Tuesday afternoon after a disappointing day in the spot market with cash prices down 3.5 cents. In the GDT auction, butter was down 4.7% at $4,503 and Buttermilk Powder was down 4.4% at $4,312.

OUTSIDE MARKETS SUMMARY:

December corn closed down 5.75 cents per bushel at $4.4250, January soybeans closed down 2.75 cents at $12.1400 and December soybean meal closed down $1.60 per ton at $318.00. December Chicago wheat closed down 6.75 cents at $5.9975.

December live cattle closed down $1.55 at $218.15. December crude oil is down .37 per barrel at $96.09. The Dow Jones Industrial Average is down 197 points at 51,786 and the NASDAQ is up 207 points at 25,372.



Tuesday Midday Dairy Market Summary - Butter and Blocks Lower

OUTSIDE MARKETS SUMMARY:

CORN: 5 Lower
SOYBEANS: 3 Lower
SOYBEAN MEAL: $1.40 Lower
LIVE CATTLE: $0.575 Lower
DOW JONES: 148 Points Lower
NASDAQ: 271 Point Higher
CRUDE OIL: $0.54 Lower

MIDDAY MARKET UPDATE:

The block cheese price decreased by 2.25 cents to close at $1.5775 with five loads traded. The barrel cheese price was unchanged at $1.7250 with no loads traded. Dry whey was unchanged at 84.0 cents with no loads traded. Class III futures are 8 to 24 cents lower. The butter price decreased by 3.5 cents, closing at $1.2975 with six loads traded. There were four bids and four offers remaining at the close. Grade A nonfat dry milk increased 3.5 cents to close at $2.16 with three loads traded. There were four bids and four offers left at the close. Class IV futures have not yet traded Tuesday. Butter futures are 0.25 cents higher to 4.05 cents lower. Dry whey futures are 0.9 to 1.25 cents higher. Cheese futures are 1.1 to 2.5 cents lower. Nonfat dry milk futures are 1.75 to 6.45 cents higher.




Wednesday Morning Dairy Market Update - US Exports To Be Released Today

OPENING CALLS: Class III Milk Futures: 1 to 10 Higher Class IV Milk Futures: Mixed ...