Wednesday Closing Dairy Market Update - October Dairy Exports Declined 2.0%

MILK:

Class III milk futures struggled for much of the day with only nearby January and February contracts showing strength. Traders became a bit more aggressive as the day progressed with contracts throughout all of 2025 showing gains. The focus shifted from the decline of the barrel cheese prices to the increase of the dry whey price and the support it gave to the Class III prices. Futures prices for the first half of the year were $19.00 and higher during the day. The dry whey price moved to the highest level for the year and the highest since March 23, 2022. U.S. dairy exports in October declined 2.0%. The value of exports was $695.7 million and was 11% higher than a year ago. Year-to-date exports on a milk solids equivalent basis are 1% above a year ago with total export value also 1% lower than over the same period a year ago.

AVERAGE CLASS III PRICES:

3 Month:	$19.21
6 Month:	$19.29
9 Month:	$19.18
12 Month:	$19.11

CHEESE:

Year-to-date exports of cheese are 19.0% above the same period in 2023. October cheese exports totaled 40,282 metric tons or 12.4% above a year ago. October whey exports fell 12.1% to 39,807 metric tons from October 2023. Year-to-date exports of dry whey are 6.0% above the same period last year. Year-to-date exports of lactose are 9.0% below the same period in 2023.

BUTTER:

Butterfat exports jumped 95.6% in October compared to a year ago totaling 4,100 metric tons. Year-to-date exports were 18.6% over the same period last year. Nonfat dry milk/skim milk powder exports declined 4.3% in October to 61,926 metric tons. Year-to-date exports are 5.2% lower than the same period last year. Whole milk powder exports fell 32.2% in October to 1,449 metric tons. Year-over-year exports are down 7.2%.

OUTSIDE MARKETS SUMMARY:

March corn closed down 0.75 cent per bushel at $4.4825, January soybeans closed up 0.75 cent at $9.9550 and January soybean meal closed down $.90 per ton at $291.10. March Chicago wheat closed up 1.50 cents at $5.6325. February live cattle closed up $2.35 at $191.38. January crude oil is up $1.70 per barrel at $70.29. The Dow Jones Industrial Average is down 99 points at 44,149 with the NASDAQ up 348 points at 20,035.