Tuesday Midday Dairy Market Summary - Nonfat Dry Milk Pushes Higher

OUTSIDE MARKETS SUMMARY:

CORN:	2 Higher
SOYBEANS:	9 Higher
SOYBEAN MEAL:	$0.40 Higher
LIVE CATTLE:	$1.12 Lower
DOW JONES:	133 Points Lower
NASDAQ:	82 Points Lower
CRUDE OIL:	$2.52 Higher

MIDDAY MARKET UPDATE:

The block cheese price increased 1.50 cents to close at $1.60 with 17 loads traded. The barrel cheese price remained unchanged at $1.5750 with no loads traded. The dry whey price remained unchanged at 70.00 cents with no loads traded. Class III futures are 14 cents lower to 23 cents higher. The butter price decreased 1.50 cents, closing at $1.72 with nine loads traded. Butter is having a difficult time finding consistent buyer support. Grade A nonfat dry milk increased 1.50 cents to close at 2.2150 with no loads traded. Buyers continue to look for product and need to bid up to obtain it. There were four unfilled bids and one uncovered offer at the close of spot trading. Sellers seem to have a limited supply and want higher prices to let it go. Class IV futures are 13 to 34 cents higher. Butter futures are 0.02 to 5.65 cents lower. Dry whey futures have not yet been traded. Cheese futures are 0.10 cent lower to 2.50 cents higher.

Tuesday Morning Dairy Market Update - Markets to Remain Choppy

OPENING CALLS:

Class III Milk Futures:	Mixed
Class IV Milk Futures:	Mixed
Butter Futures:	Steady to 1 Higher

OUTSIDE MARKET OPENING CALLS:

Corn Futures:	Steady to 1 Lower
Soybean Futures:	4 to 6 Higher
Soybean Meal Futures:	Steady to 1 Higher
Wheat Futures:	Mixed

MILK:

The spread between Class III and Class IV futures continues to widen. Most of the strength in Class IV futures has been the result of nonfat dry milk. The rebound of butter on Monday added further support to the market, even though the nonfat dry milk price remained unchanged. Both cheese and butter production remain strong, resulting in limited upside potential for prices. Milk receipts continue to increase at the plant level in much of the nation as the spring flush continues. Manufacturers are moving supplies to the spot market rather than building inventory. The March Milk Production report will be released Wednesday and is expected to show higher milk production and cow numbers.

CHEESE:

Cheese prices may have difficulty showing much strength over the next few months. Increased milk production will keep cheese production strong and spot milk supplies readily available at a discount to class. Demand may be sufficient to keep cheese inventory from growing, but it may not be sufficient to increase prices.

BUTTER:

The bounce in the spot butter price on Monday did not change the direction of the market. The price remains in a downtrend and is unable to find solid support. Butter inventory is below a year ago, but manufacturers intend to move supplies to the market rather than build inventory.

Monday Closing Dairy Market Update - Positive Start to the Week

GENERAL OVERVIEW:

Class IV milk traded higher this afternoon as butter and non-fat dry milk both climbed midday.

MILK:

Class III milk was mixed this afternoon with nearly even trade across all board months. Traders are unwilling to take a long position with the March Milk Production report to be released later this week. Expectations are for higher milk production, so it is difficult to get excited about small rallies in the market when we are facing such a massive production number. Class IV milk did rally with strength in the cash market, trading 12 to 22 cents higher at the end of the trading day.

AVERAGE CLASS III PRICES:

3 Month:	$17.21
6 Month:	$17.97
9 Month:	$18.18
12 Month:	$18.04

CHEESE:

Cheese blocks found some strength today in the cash market, which bled through to the futures market earlier this afternoon but lost a little steam by the close. Cheese futures closed mixed, up 1.1 cents to down 0.6 cents. The retail market is steady, and traders expect flat trading to go forward over the next few weeks.

BUTTER:

After late last week's sharp decline in the butter price, butter made a nice comeback in the cash market today, closing up 4.5 cents. What was most notable is the volume that traded today with 49 loads exchanging hands. A mix between the buyers seeing it as a sign to take advantage of a big pullback in prices after last Tuesday's demand spike, as well as sellers happily letting go of excess product on hand. The futures market closed up 1.1 cents to 3.475 cents.

OUTSIDE MARKETS SUMMARY:

May corn closed up 3.25 cents per bushel at $4.5200, May soybeans closed down 1.50 cents at $11.6575 and July soybean meal closed down $6.00 per ton at $321.20. July Chicago wheat closed up 6.75 cents at $6.0600. June live cattle closed down $1.28 at $246.08. June crude oil is up 4.83 per barrel at $87.42. The Dow Jones Industrial Average is down 4 points at 49,442 and NASDAQ is down 64 points at 24,404.

Monday Midday Dairy Market Summary - Butter Buyers Galore

OUTSIDE MARKETS SUMMARY:

CORN:	4 Higher
SOYBEANS:	1 Higher
SOYBEAN MEAL:	$0.50 Lower
LIVE CATTLE:	$1.30 Lower
DOW JONES:	68 Points Lower
NASDAQ:	104 Points Lower
CRUDE OIL:	$4.63 Higher

MIDDAY MARKET UPDATE:

The block cheese price increased 0.75 cent to close at $1.5850 with no loads traded. The barrel cheese price remained unchanged at $1.5750 with no loads traded and still no bids or offers yet Monday. The dry whey price increased by 1 cent closing at 70.00 cents with no loads traded. Class III futures are trading 1 cent to 30 cents higher. The butter price rallied 4.5 cents, closing at $1.7350 with 49 loads traded. Grade A nonfat dry milk remained unchanged at $2.20 with no loads traded, and 3 bids left unfulfilled at the close. Class IV futures are 2 to 20 cents higher. Butter futures are 1.725 cents higher to 2.675 cents higher. Dry whey futures are 0.4 cents lower to 0.45 cents higher. Cheese futures are 0.1 cents higher to 2.5 cents higher.

Monday Morning Dairy Market Update - Uncertainty Dominates the Market

OPENING CALLS:

Class III Milk Futures:	5 to 8 Higher
Class IV Milk Futures:	Mixed
Butter Futures:	1 to 2 Higher

OUTSIDE MARKET OPENING CALLS:

Corn Futures:	Steady to 1 Higher
Soybean Futures:	Mixed
Soybean Meal Futures:	$2 to $3 Lower
Wheat Futures:	6 to 8 Higher

MILK:

It may be difficult for Class III milk futures to regain the recent losses and to trend higher. The upside price potential may be limited due to the spring flush, increasing the available milk supply. The March Milk Production report will be released on Wednesday and is expected to show higher milk output than a year ago. The percent of gain will not be as much due to the strong year-over-year gains last year. However, the gain should be significant. This trend is expected to continue this year as cow numbers increase. The Class IV price is a different story as nonfat dry milk continues to increase due to tight supplies.

CHEESE:

Cheese prices are potentially establishing a sideways pattern for the time being. The fundamentals are not supportive enough to regain the losses and develop an uptrend. Cheese production is increasing as milk receipts are higher at the plant level. Demand is good, keeping inventory slightly below a year ago, but it is not good enough to turn buyers aggressive.

BUTTER:

The butter price is unable to find support. Recent price strength has been met with further weakness as the price falls below the previous low. Manufacturers continue to move supplies to the market even though inventory is below that of a year ago. Buyers continue to purchase butter, but they are holding back and purchasing at lower prices.

Friday Closing Dairy Market Update - Grade A Non-Fat Dry Milk the Star of the Week

GENERAL OVERVIEW:

Grade A non-fat dry milk had an amazing week with record-breaking prices every day this week. The demand is unfaltering, and it is supporting Class IV despite butter's massive decline.

MILK:

Class IV Milk had a small setback from last week's close but is still firmly above $21.00 for the May and June futures contracts. Class III milk fell below $17.00 on the May contract today, falling 42 cents to the low of the week and rebounding back to $16.97 at the close. Spring flush is here, and production is ramping up in an already saturated market. The Strait of Hormuz is currently open, the stock market is rallying, while crude has fallen sharply. Should the canal remain open, this should support demand with economic support and help with fuel costs on farm and to ship products.

AVERAGE CLASS III PRICES:

3 Month:	$17.24
6 Month:	$17.97
9 Month:	$18.11
12 Month:	$17.96

CHEESE:

For the week, blocks declined 3.15 cents with 22 loads traded. The weekly average price is $1.5765. Barrels declined 0.90 cents with no loads traded. The weekly average price is $1.5750. Dry whey increased 0.30 cents with four loads traded. The weekly average price is 70 cents. Blocks had moderate interest this week, while there was limited to no interest in buying or selling barrels. Traders are expecting steady prices for the next few weeks and optimism for retail demand.

BUTTER:

For the week, butter increased 0.80 cents with 47 loads traded. The weekly average price is $1.7505. Grade A nonfat dry milk increased 13.45 cents with 22 loads traded. The weekly average price is $2.1640. Butter had a little excitement this week, peaking at $1.79 on Tuesday and falling to $1.69 by Friday. That 10-cent drop weighed heavily on Class IV prices, however Grade A non-fat dry milk was the star of the show, making new record highs every single day in a historic rally, peaking at $2.20 at Friday's close.

OUTSIDE MARKETS SUMMARY:

May corn closed up 0.25 cent per bushel at $4.4875, May soybeans closed up 3.50 cents at $11.6725 and May soybean meal closed down $.90 per ton at $331.80. May Chicago wheat closed down 7.25 cents at $5.9125. June live cattle closed down $0.28 at $247.35. May crude oil is down 10.84 per barrel at $83.85. The Dow Jones Industrial Average is up 868 points at 49,447 and the NASDAQ is up 365 points at 24,468.

Friday Midday Dairy Market Summary - Butter Falls Again

OUTSIDE MARKETS SUMMARY:

CORN:	2 Lower
SOYBEANS:	1 Lower
SOYBEAN MEAL:	$0.17 Higher
LIVE CATTLE:	$1.08 Lower
DOW JONES:	1099 Points Higher
NASDAQ:	408 Points Higher
CRUDE OIL:	$11.60 Lower

MIDDAY MARKET UPDATE:

The block cheese price increased 0.75 cent to close at $1.5775 with 15 loads traded. The barrel cheese price remained unchanged at $1.5750 with no loads traded and no bids or offers on the table yet again. The dry whey price increased 1 cent to close at 69.00 cents, with three loads traded and six offers left at the close. Class III futures are trading 6 cents lower to 6 cents higher. The butter price fell 4.75 cents, closing at $1.69 with 12 loads traded. Grade A nonfat dry milk increased 1.75 cents to close at $2.20 with two loads traded, another record-breaking day. Class IV futures are 8 to 14 cents lower. Butter futures are 0.375 cent lower to 0.7 cents lower. Dry whey futures are 0.05 cents lower to 0.625 cents lower. Cheese futures are 0.7 cents lower to 0.1 cents higher.

Friday Morning Dairy Market Update - Buyers of Nonfat Dry Milk Remain Aggressive

OPENING CALLS:

Class III Milk Futures:	2 to 6 Lower
Class IV Milk Futures:	Mixed
Butter Futures:	1 to 2 Higher

OUTSIDE MARKET OPENING CALLS:

Corn Futures:	1 to 2 Higher
Soybean Futures:	2 to 3 Lower
Soybean Meal Futures:	Mixed
Wheat Futures:	1 to 2 Higher

MILK:

Class III milk futures have been mostly in a wide sideways trading range since mid-February. Contracts gave the impression the market would trend higher as traders moved futures contrary to the underlying cash on numerous days. Traders held some optimism demand would improve and absorb the increased production. Class IV futures showed little reaction to the decline of the butter, as traders focused on the continued gain in nonfat dry milk. The March Milk Production report will be released next week and is expected to show continued strong milk production and increased cow numbers.

CHEESE:

The block cheese price has been unable to regain the uptrend it had developed earlier. Sellers continue to offer supplies to the spot market. Buyers are willing to purchase what is being offered without being aggressive.

BUTTER:

Butter takes one step ahead and two steps back. The price decline on Thursday opens the way for a revisit to last week's low. If the price moves below that level, it may come under further pressure

Thursday Closing Dairy Market Update - Complex Turns Negative

GENERAL OVERVIEW:

Outside of Grade A Non-Fat Dry Milk making new highs yet again today, the cash market traded lower in most sectors. Futures followed suit into the afternoon with the whole screen trading in the red.

MILK:

Class III milk futures sold off by noon, trading 10 to 28 cents lower and holding steady into the closing bell. Class IV milk futures took a break today with the sell-off of the rest of the market. Milk supply is plentiful and expected to increase as spring is here.

AVERAGE CLASS III PRICES:

3 Month:	$17.32
6 Month:	$18.04
9 Month:	$18.23
12 Month:	$18.06

CHEESE:

Block cheese fell in the cash trade today, while barrels had no interest and no price movement. Traders are expecting cheese prices to trade flat over the next few weeks. Dry Whey took a 3-cent hit in the cash market, trading at 68 cents. Futures initially followed suit; however, they made a small recovery towards the end of the day, trading 0.95 to 1.925 cents lower.

BUTTER:

Butter fell sharply in the cash market, falling 5.25 cents. Butter futures took cash's lead and closed around 5 cents lower on most nearby contracts. The butter supply is plentiful, and buyers do not have to work too hard to find product to purchase. There is demand for butter, but the strong supply makes it difficult to get the market too excited, especially heading into spring.

OUTSIDE MARKETS SUMMARY:

May corn closed down 2.75 cents per bushel at $4.4850, May soybeans closed down 3.25 cents at $11.6375 and May soybean meal closed down $1.70 per ton at $332.70. May Chicago wheat closed up 4.75 cents at $5.9850. June live cattle closed down $3.45 at $247.63. May crude oil is up 2.06 per barrel at $93.35. The Dow Jones Industrial Average is up 115 points at 48,578 and NASDAQ is up 86 points at 24,102.

Thursday Midday Dairy Market Summary - Disappointing Day in Butter

OUTSIDE MARKETS SUMMARY:

CORN:	1 Lower
SOYBEANS:	Mixed
SOYBEAN MEAL:	$0.03 Lower
LIVE CATTLE:	$2.65 Lower
DOW JONES:	168 Points Lower
NASDAQ:	215 Points Higher
CRUDE OIL:	$2.25 Higher

MIDDAY MARKET UPDATE:

The block cheese price decreased 0.75 cent to close at $1.57 with no loads traded. The barrel cheese price remained unchanged at $1.5750 with no loads traded and no bids or offers on the table. The dry whey price decreased 3 cents closing at 68.00 cents with no loads traded but three offers and one bid left unfulfilled at the close. Class III futures are trading 10 to 38 cents lower. The butter price fell 5.25 cents, closing at $1.7375 with three loads traded. Grade A nonfat dry milk increased 1.75 cents to close at $2.1825 with three loads traded, breaking records nearly every day, with more likely to come as there were 10 bids remaining at the close trying to buy product and only one offer. Class IV futures are 3 to 28 cents lower. Butter futures are 2.575 cent lower to 5.375 cents lower. Dry whey futures are 1.175 cent lower to 2.675 cent lower. Cheese futures are 0.9 cents to 2.1 cents lower.

Fluid Milk and Cream - Western U.S. Report 17

Milk production in California is steady. Handlers indicate year over year production continues to be up. Central Valley manufacturers indicate plenty of milk is available and milk output is manageable. Spot loads are available. 

Farm level milk output in Arizona is steady. Some manufacturers continue to bring in spot milk loads to run busier production schedules. 

Milk production in New Mexico is steady. 

Milk production in the Pacific Northwest is steady and is providing plant managers with contracted volumes. However, some manufacturers have open processing capacities and are bringing in spot milk loads. 

Farm level milk output in the Mountain States of Idaho, Utah, and Colorado varies from steady to stronger. Spot milk loads are tighter with some manufacturers coming off some downtime. However, stakeholders indicate milk volumes are sufficiently meeting manufacturer's needs. Class I demand is steady, while Class II, III, IV demands vary from steady to stronger throughout the region. 

Stakeholders indicate cream load availability is sufficient for demands. No changes in cream multiples or demand are reported this week. Condensed skim milk loads are available and demand is steady.

Thursday Morning Dairy Market Update - Class III and Class IV Price Spread Continues to Widen

OPENING CALLS:

Class III Milk Futures:	Mixed
Class IV Milk Futures:	Mixed
Butter Futures:	Mixed

OUTSIDE MARKET OPENING CALLS:

Corn Futures:	1 to 2 Higher
Soybean Futures:	3 to 5 Higher
Soybean Meal Futures:	$1 to $2 Higher
Wheat Futures:	3 to 5 Higher

MILK:

Class III futures were slightly lower overnight on limited trading volume. Traders are cautious over the market's potential to move much higher in the near term. The increase in milk production is expected to continue over the next few months due to the spring flush and may remain higher the rest of the year. There should be sufficient milk available for increased demand, leaving little reason for buyers of dairy products to be concerned about supplies. The price spread between Class III and Class IV futures continues to widen as Grade A nonfat dry milk continues to set a new record price almost daily.

CHEESE:

Cheese prices may be carving out a sideways trading pattern. It is still too early to tell, but increasing milk receipts at the plant level and higher cheese output will be sufficient to meet any increase in demand. But even steady cheese prices at the current level will be better than anticipated at the beginning of the year.

BUTTER:

The butter price has been holding, which is providing some support to the market. The hope is strong domestic and international demand will absorb the extra production and keep inventories below a year ago. Ice cream production has increased, utilizing more of the available cream supply.

Wednesday Closing Dairy Market Update - Class III and Class IV Milk Trade Higher

GENERAL OVERVIEW:

Thanks to the cash market for another record day for Grade A Non-Fat Dry Milk and a positive trade for cheese blocks, Class III and IV Milk futures contracts were able to rally.

MILK:

Class III milk futures had a good start to the day with overnight trade higher, and that support continued through the day. Cash trade helped to conserve the gains Class III had made with block cheese, taking back some of what it lost yesterday. Class IV Milk has nothing to do but climb higher when Non-Fat Dry keeps making new highs each day. The support keeps coming, with demand not slowing down despite record-breaking prices.

AVERAGE CLASS III PRICES:

3 Month:	$17.51
6 Month:	$18.23
9 Month:	$18.40
12 Month:	$18.16

CHEESE:

Block cheese gained 0.25 cents today, taking back a small amount of what it lost Tuesday. Barrels were unchanged. Traders are optimistic about cheese prices. Dry Whey remained unchanged in the cash market but lost 1 cent in the futures trade today, most likely foreshadowing the market's bias for tomorrow's cash trade.

BUTTER:

The strong support in Class IV futures stems from the strength of Grade A nonfat dry milk. The spot Grade A nonfat dry milk price is at a record high, with no sign of price resistance from buyers, each day setting new records. The May and June Class IV futures are solidly above $21.00. Butter itself had an unremarkable day with no interest in the cash trade and futures falling 1.80 cents to 3.975 cents by late afternoon. It seems the interest that sparked yesterday's little rally was short-lived.

OUTSIDE MARKETS SUMMARY:

May corn closed up 8.25 cents per bushel at $4.5125, May soybeans closed up 9.00 cents at $11.6700 and May soybean meal closed up $4.70 per ton at $334.40. May Chicago wheat closed up 1.75 cents at $5.9375. June live cattle closed down $0.35 at $251.08. May crude oil is up .01 per barrel at $91.29. The Dow Jones Industrial Average is down 72 points at 48,463 and the NASDAQ is up 376 points at 24,016.

Wednesday Midday Dairy Market Summary - Grade A Nonfat Dry Milk Climbs Higher Again

OUTSIDE MARKETS SUMMARY:

CORN:	8 Higher
SOYBEANS:	11 Higher
SOYBEAN MEAL:	$0.35 Higher
LIVE CATTLE:	$0.325 Lower
DOW JONES:	168 Points Lower
NASDAQ:	215 Points Higher
CRUDE OIL:	$0.41 Higher

MIDDAY MARKET UPDATE:

The block cheese price increased 0.25 cent to close at $1.5775 with three loads traded. The barrel cheese price remained unchanged at $1.5750 with no loads traded. The dry whey price remained unchanged at 71.00 cents with no loads traded. Class III futures are trading 3 to 29 cents higher. The butter price remained unchanged at $1.79 with no loads traded. Grade A nonfat dry milk increased 2.50 cents to close at $2.1650 with three loads traded, breaking records nearly every day. Class IV futures are 21 to 27 cents higher. Butter futures are 1.80 cent lower to 4.445 cents lower. Dry whey futures are 0.475 cent lower to 0.40 cent higher. Cheese futures are 2.20 cent to 2.40 cent higher.

More cows, more milk, mixed margins

The U.S. dairy industry continues to expand, with both herd size and milk production reaching historically high levels. USDA estimates the national dairy herd at 9.615 million head, marking a recent record. In 2025 alone, the industry added 177,000 cows, the largest annual expansion in 40 years. This growth has carried into 2026, with herd numbers up another 49,000 head in the first two months of the year. Not surprisingly, this expansion has fueled abundant milk supplies, with February milk production increasing 2.9% year over year.

Early 2026 dairy prices show modest improvement on paper, but financial pressure at the farm level remains significant. Strong cheese demand supported gains in Class III prices, while Class IV prices weakened, sending mixed price signals. Producer margins remain strained with dairy income over feed costs at $8.46 per cwt according to USDA’s dairy margin coverage program, which triggered a third consecutive month of payments. Elevated feed and operating costs, along with a widening gap between milk prices and realized returns, continue to raise concerns about the sustainability of herd expansion if margin recovery does not translate into lasting profitability.

U.S. dairy products remain competitive globally, supported by favorable export pricing and solid domestic demand. U.S. exporters maintain a price advantage in international cheese and butter markets, with spot block cheese currently trading at more than a $0.40 discount to prices in New Zealand and the European Union. As domestic cheese production has expanded over the past three years, the gap between U.S. and global prices has widened. Butter prices are also competitive, with exports up year over year in February. At the same time, strong domestic demand continues to absorb increased production, helping support overall market stability.

Profitability

Dairy: Breakeven profitability - Neutral 12-month outlook

Slowing herd expansion and steady demand are balancing dairy markets, while elevated costs and ample milk supplies continue to limit upside. The neutral outlook favors disciplined cost management and cautious growth rather than expansion

Wednesday Morning Dairy Market Update - Lackluster Day Trade Brings Sleepy Overnight Trade

OPENING CALLS:

Class III Milk Futures:	3 to 10 Higher
Class IV Milk Futures:	Mixed
Butter Futures:	Mixed

OUTSIDE MARKET OPENING CALLS:

Corn Futures:	3 to 4 Higher
Soybean Futures:	4 to 6 Higher
Soybean Meal Futures:	Mixed
Wheat Futures:	4 to 5 Lower

MILK:

Milk futures are looking for direction as most major headlines in the dairy sector have already been factored into the pricing equation. More headaches are expected to come as the war with Iran has had a trickle effect on our markets. Fuel cost and overall cost of living is increasing, leaving little extra funds for nights out on the town as restaurants or large family get togethers to bake for. The school year is winding down for lunch milk consumption but the outlook for next year is still good with the new school dietary guidelines coming.

CHEESE:

Spot cheese prices were weaker Tuesday with blocks trading 0.75 cents lower and barrels unchanged. Dry whey is the shining start lately but remainded unchanged on Tuesday's trade.

BUTTER:

The spot butter price was the only bright spot in the cash trade Tuesday, giving a surprising boost to Class IV prices after increasing 4.5 cents with 23 loads traded. The volume gave butter prices a nice rally, finally able to pull its weight in the Class IV equation, where Grade A Nonfat Dry Milk has been doing all the heavy lifting as of late. It too increased 0.75 cents with no end in sight for this historic rally. 

Tuesday Closing Dairy Market Update - High Fuel Prices May Limit Price Potential

GENERAL OVERVIEW:

There was nothing extraordinary that took place during spot trading. Butter showed the most movement, but it was within the confines of what the market has shown previously.

MILK:

Class III milk futures have held surprisingly well despite the minor weakness in the block cheese price. There is an optimism that cheese prices will hold or potentially improve, but that will be up to continued strong demand. There has been concern raised over the reports of consumer demand for goods and services showing signs of weakness. The high fuel prices and the impact they are having on prices for most everything have resulted in consumers curtailing some of their usual activities. Restaurants are reporting slower traffic. The food service industry is an important part of dairy demand. The increased cost of trucking and shipping is being passed on to consumers who are making adjustments. Continued high fuel prices will have an impact on the price potential of dairy products.

AVERAGE CLASS III PRICES:

3 Month:	$17.45
6 Month:	$18.12
9 Month:	$18.29
12 Month:	$18.09

CHEESE:

The cheese price is not holding the Class III price up to the level of futures. The dry whey price is providing substantial support. One year ago, the dry whey price was 46.50 cents. The current price is 24.50 cents above a year ago. This adds $1.47 to the Class III price. Each one-cent move in the dry whey price equals a six-cent move in the Class III price calculation.

BUTTER:

The strong support in Class IV futures stems from the strength of Grade A nonfat dry milk. The spot Grade A nonfat dry milk price is at a record high with no sign of price resistance from buyers. The price has increased by 96.50 cents since Jan. 2. The May and June Class IV futures are solidly above $21.00. The price will eventually find a level of resistance at which demand destruction will take place, and end users will find alternatives.

OUTSIDE MARKETS SUMMARY:

May corn closed up 2.75 cents per bushel at $4.4300, May soybeans closed down 4.25 cents at $11.5800, and May soybean meal closed down $2.20 per ton at $329.70. May Chicago wheat closed up 9.75 cents at $5.9200. June live cattle closed up $2.90 at $251.43. May crude oil is down $7.27 per barrel at $91.81. The Dow Jones Industrial Average is up 318 points at 48,536, with the NASDAQ up 455 points at 23,639.

Tuesday Midday Dairy Market Summary - Butter Finds Buying Interest

OUTSIDE MARKETS SUMMARY:

CORN:	3 Higher
SOYBEANS:	5 Lower
SOYBEAN MEAL:	$2.00 Lower
LIVE CATTLE:	$2.07 Higher
DOW JONES:	255 Points Higher
NASDAQ:	397 Points Higher
CRUDE OIL:	$6.52 Lower

MIDDAY MARKET UPDATE:

The block cheese price decreased 0.75 cent to close at $1.5750 with four loads traded. The barrel cheese price remained unchanged at $1.5750 with no loads traded. The dry whey price remained unchanged at 71.00 cents with no loads traded. Class III futures were mixed after spot trading was finished, but slowly began to uncover buying interest, leaving only the April contract in negative territory. Futures trading volume remains light. The butter price increased 4.50 cents to close at $1.79 with 23 loads traded. Grade A nonfat dry milk increased 0.75 cent to close at $2.14 with one load traded. The market has yet to find buyer resistance. Class IV futures are 20-40 cents higher. Butter futures are 0.50 cent lower to 2.82 cents higher. Dry whey futures are 0.07 cent lower to 0.75 cent higher. Cheese futures are 0.80 cent lower to 0.80 cent higher.

Tuesday Morning Dairy Market Update - Limited Cash Movement Expected

OPENING CALLS:

Class III Milk Futures:	Mixed
Class IV Milk Futures:	Mixed
Butter Futures:	Mixed

OUTSIDE MARKET OPENING CALLS:

Corn Futures:	2 to 3 Higher
Soybean Futures:	2 to 3 Higher
Soybean Meal Futures:	$2 to $3 Higher
Wheat Futures:	4 to 5 Higher

MILK:

Milk futures are not expected to show much volatility unless there is a significant move in the spot market prices. The market fundamentals have not changed much, with milk production following seasonal levels. The current price outlook for the futures market will keep milk production strong. Cow numbers and milk production are expected to continue to increase. Feed prices are expected to remain reasonable with plentiful supplies. The weekly crop progress report showed corn 5% planted and soybeans 6% planted. Both are ahead of last year's pace.

CHEESE:

Spot cheese prices are expected to remain in a range. Buyers will purchase what they need with little reason to build inventory. Aging programs will be replenished, but inventory is expected to remain near or below the levels of a year ago. Cheese production will increase as milk receipts increase at the plant level.

BUTTER:

The spot butter price is in a downtrend and may have difficulty finding any upside potential. Manufacturers are moving butter to the market quickly rather than building inventory and speculating on higher prices over time. Strong milk production and higher butterfat content will keep output strong.

Monday Closing Dairy Market Update - Milk Futures Lack Trader Interest

GENERAL OVERVIEW:

Traders did not receive much price direction from the underlying cash. Class III futures did increase due to the minor increase of both block cheese and dry whey, but the gains lacked conviction. Class IV futures were lower with activity in only three contract months.

MILK:

Class III futures posted minor gains due to the increase in both block cheese and dry whey prices. Trading volume was very light as traders lacked a clear price direction. The market gives the impression that it will remain choppy for a time as milk production increases seasonally, keeping the market well supplied. It was unusual to see the amount of trading volume in a single Class IV contract. The June contract had a volume of 100 contracts traded. The only other contracts that were traded were the May and July contracts, with very light activity. The lower Class IV prices may be short-lived as the nonfat dry milk price continued to increase with no sign of buyer resistance.

AVERAGE CLASS III PRICES:

3 Month:	$17.37
6 Month:	$18.04
9 Month:	$18.24
12 Month:	$18.04

CHEESE:

The block cheese price broke below the uptrend that had developed since the middle of January. The price may move sideways at best for the time being, as the increasing supply of milk is being made available for manufacturing. Demand is good, but buyers may remain unaggressive due to the anticipation of sufficient supplies.

BUTTER:

The butter price remains in a downtrend and is having difficulty finding sold support. Demand is good, but the supply is sufficient, leaving buyers unaggressive in the spot market. Even though the price is low, buyers have not seen the need to bid higher to increase ownership of supplies and build inventory for later in the year.

OUTSIDE MARKETS SUMMARY:

May corn closed down .75 cent per bushel at $4.4025, May soybeans closed down 13.50 cents at $11.6225, and May soybean meal closed up $.10 per ton at $331.90. May Chicago wheat closed up 11.25 cents at $5.8225. June live cattle closed down $0.68 at $248.53. May crude oil is up $1.33 per barrel at $97.90. The Dow Jones Industrial Average is up 302 points at 48,218, with the NASDAQ up 281 points at 23,184.

Monday Midday Dairy Market Summary - Nonfat Dry Milk Moves Higher

OUTSIDE MARKETS SUMMARY:

CORN:	Unchanged
SOYBEANS:	12 Lower
SOYBEAN MEAL:	$0.60 Higher
LIVE CATTLE:	$1.22 Lower
DOW JONES:	10 Points Higher
NASDAQ:	148 Points Higher
CRUDE OIL:	$2.48 Higher

MIDDAY MARKET UPDATE:

The block cheese price increased 0.50 cent to close at $1.5825 with no loads traded. The barrel price remained unchanged at $1.5750 with no loads traded. The dry whey price increased 0.50 cent to close at 71.00 cents with one load traded. Class III futures are mixed 4 cents lower to 6 cents higher. The butter price slipped 0.25 cent to close at $1.7450 with nine loads traded. The Grade A nonfat dry milk price increased 1.75 cents to close at $2.1325 with five loads traded. Class IV futures are 14-31 cents lower with traders focusing on the weakness of butter. Butter futures are 0.75-1.62 cents lower. Dry whey futures are 0.17 cent lower to 1.55 cents higher. Cheese futures are 0.50 cent lower to 0.40 cent higher.

Monday Morning Dairy Market Update - Choppy Futures Action to Continue

OPENING CALLS:

Class III Milk Futures:	8 to 12 Higher
Class IV Milk Futures:	8 to 15 Higher
Butter Futures:	1 to 2 Higher

OUTSIDE MARKET OPENING CALLS:

Corn Futures:	3 to 4 Higher
Soybean Futures:	Mixed
Soybean Meal Futures:	$2 to $3 Lower
Wheat Futures:	10 to 13 Higher

MILK:

Milk futures may show strength Monday as there is renewed optimism over higher cash prices. Underlying cash prices will need to show strength for milk futures to recover from the losses of last week. However, with milk production increasing, it may be difficult to generate aggressive buying interest in the spot markets. The key to higher prices will be maintaining and increasing demand. There is little to slow down milk production. Current milk prices and high calf prices will keep farmers wanting to push milk production. High fuel prices and the potential for them to remain high may impact demand, as there are indications of a slowing of restaurant traffic due to higher fuel and food prices. The talks broke down with Iran over the weekend, which will keep prices higher.

CHEESE:

Cheese output is strong and expected to increase as the spring flush progresses. This may leave buyers less aggressive in the spot market as sellers may continue to move cheese to the spot market rather than build inventory at the plant level.

BUTTER:

Even with increased demand, the butter price has yet to find solid support. Manufacturers are interested in moving supplies to the spot market as quickly as possible and have been willing to sell at lower prices. Until a tightening of supply takes place, this is expected to continue limiting the upside price potential.

Friday Closing Dairy Market Update - USDA Raises Milk Prices

GENERAL OVERVIEW:

Milk futures closed the week on a strong note. Class IV futures outpaced Class III, fueled by another strong increase in the nonfat dry milk price. USDA increased its estimates for milk prices this year.

MILK:

The May and June Class IV contract moved above $21.00 again after falling back from that level two weeks ago. The strength came from nonfat dry milk. The strong increase in the Grade A nonfat dry milk price this week was similar to the gains seen in late January and early February. Milk production is increasing seasonally as the spring flush unfolds. USDA released the World Agricultural Supply and Demand Estimates report on Thursday. They increased their estimate for milk production this year to 235.3 billion pounds, up 600 million pounds from the March estimate. The average Class III milk price was raised by $0.25 per cwt to $16.90. The average Class IV price was raised $1.45 per cwt to $18.60. The average All-milk price was raised $0.80 per cwt to $20.50. If realized, the Class III price would be $1.11 below last year. The Class IV price would be $1.22 higher than last year. The All-milk price would be $0.67 below 2025. Health officials confirmed two new cases of bovine tuberculosis in cattle herds in Alpena and Presque Isle counties in Michigan. A herd in Charlevoix County had previously tested positive in February 2026.

AVERAGE CLASS III PRICES:

3 Month:	$17.36
6 Month:	$17.98
9 Month:	$18.18
12 Month:	$18.01

CHEESE:

For the week, blocks declined 9.50 cents with 13 loads traded. The weekly average price is $1.6080. Barrels declined 1.75 cents with one load traded. The weekly average price is $1.5840. Dry whey increased 1.75 cents with one load traded. The weekly average price is 69.70 cents. The USDA increased its estimate for the average cheese price this year to $1.6450, up 3.00 cents from the March estimate. The dry whey price estimate remained at 66.00 cents. If realized, the cheese price would be $0.14 below the average price of 2025. The dry whey price would be 6.50 cents above that of 2025

BUTTER:

For the week, butter decreased 4.25 cents with 94 loads traded. The weekly average price is $1.7425. Grade A nonfat dry milk increased 14.25 cents with 16 loads traded. The weekly average price is $2.2095. The average price estimate for butter this year was reduced by 5.50 cents for the March estimate to $1.8150. The average nonfat dry milk price was raised by 18.50 cents to $1.5750. If realized, butter would be 40.50 cents below last year. The nonfat dry milk price would be 34.00 cents above 2025.

OUTSIDE MARKETS SUMMARY:

May corn closed down 3.00 cents per bushel at $4.4100, May soybeans closed up 10.50 cents at $11.7575, and May soybean meal closed up $14.20 per ton at $331.80. May Chicago wheat closed down 3.50 cents at $5.7100. June live cattle closed up $2.00 at $249.20. May crude oil is down $2.34 per barrel at $95.53. The Dow Jones Industrial Average is down 269 points at 47,917, with the NASDAQ up 80 points at 22,903.

Friday Midday Dairy Market Update - Nonfat Dry Milk Finds No Price Resistance

OUTSIDE MARKETS SUMMARY:

CORN:	2 Lower
SOYBEANS:	13 Higher
SOYBEAN MEAL:	$6.80 Higher
LIVE CATTLE:	$1.82 Higher
DOW JONES:	295 Points Lower
NASDAQ:	48 Points Higher
CRUDE OIL:	$0.40 Higher

MIDDAY MARKET UPDATE:

The block cheese price increased 2.50 cents to close at $1.5775 with three loads traded. The barrel cheese price increased 0.25 cent, closing at $1.5750. The dry whey price increased 0.50 cent to close spot trading at 70.50 cents with no loads traded. Class III futures are 1 cent lower to 30 cents higher. The butter price increased as penny to close at $1.7475 with 10 loads traded. Grade A nonfat dry milk gained 5.50 cents to close at $2.1150 with seven loads traded. There is no slowing down the demand for nonfat dry milk. Record highs are being made daily. Class IV futures are 15-75 cents higher. Butter futures are 0.12 cent lower to 4.25 cents higher. Dry whey futures are 0.20-1.00 cents higher. Cheese futures are 0.70-3.20 cents higher.

Friday Morning Dairy Market Update - Short-Covering Expected Ahead of Weekend

OPENING CALLS:

Class III Milk Futures:	2 to 5 Higher
Class IV Milk Futures:	8 to 15 Higher
Butter Futures:	1 to 2 Higher

OUTSIDE MARKET OPENING CALLS:

Corn Futures:	Steady to 1 Lower
Soybean Futures:	1 to 2 Higher
Soybean Meal Futures:	$3 to $5 Higher
Wheat Futures:	3 to 5 Lower

MILK:

USDA increased milk production again in the World Agricultural Supply and Demand report Thursday. They increased the estimated milk output to reach 235.3 billion pounds. This is an increase of 600 million pounds from their March estimate. If this comes to fruition, it will be an increase of 3.6 billion pounds above 2025. But even with this increase, the all-milk price was raised by $0.80 per cwt to average $20.50. This would be $0.67 per cwt below 2025. We know overall exports have been strong and are expected to remain that way, but domestic demand will need to improve to realize higher milk prices.

CHEESE:

Cheese prices may remain under pressure. The decline in the block cheese of $0.12 the past two days has changed market sentiment. The uptrend has been negated for now, and buyers have stepped back as sellers have become aggressive. This may result in further weakness and follow a similar pattern to butter.

BUTTER:

The slight increase in the butter price on Thursday does not indicate support has been found. Buyers were more aggressive as they wanted to take advantage of the lower price to increase ownership. Butter output remains strong, but slightly lower than it has been due to an increase in cream demand from other Class II products. The cream supply remains sufficient for demand.

Thursday Closing Dairy Market Update - February Exports Remained Strong

GENERAL OVERVIEW:

Class III futures were under pressure in contracts through September. Class IV futures exploded with the minor increase in butter and continued gains in Grade A nonfat dry milk. Dairy exports did well in February.

MILK:

Class III futures in contracts through September were lower in response to the weakness in cheese prices. Class IV futures exploded higher with the May contract reaching $0.79 higher and June $0.80 higher at one time during the day. The Grade A nonfat dry milk price continued to increase to another new high with no indication of price resistance.

Strong international demand continued to drive milk solids equivalent export volume 13% higher compared to February 2025. It was the ninth consecutive month of growth. In the first two months of 2026, export volume increased 12% compared to the first two months of 2025. The value of exports was 11% above February 2025, with year-to date export value up 8% compared to the same period a year ago.

AVERAGE CLASS III PRICES:

3 Month:	$17.24
6 Month:	$17.81
9 Month:	$18.03
12 Month:	$17.93

CHEESE:

The Western region indicates cheese production is steady to increasing. However, manufacturers indicate that cheese inventory is not building to any large extent. Domestic demand is steady to stronger as spring approaches. The Western region indicates milk production may be at its peak of the spring flush, while most of the rest of the country is seeing the early stages of it.

BUTTER:

The increase in the butter price today does not indicate that support has been achieved. The price was likely low enough to generate increased buyer interest, as it makes sense to buy butter at the low price. The Grade A nonfat dry milk price continued higher as buyer interest remains strong. There is no indication of price resistance. The market will find a level of resistance at some point where demand will slow down.

OUTSIDE MARKETS SUMMARY:

May corn closed down 3.25 cents per bushel at $4.4400, May soybeans closed up 3.25 cents at $11.6525, and May soybean meal closed up $3.50 per ton at $317.60. May Chicago wheat closed down 5.75 cents at $5.7450. June live cattle closed up $1.28 at $247.20. May crude oil is up $4.40 per barrel at $98.81. The Dow Jones Industrial Average is up 276 points at 48,186, with the NASDAQ up/down 187 points at 22,822. 

Fluid Milk and Cream - Western U.S. Report 16

California milk production is steady. Handlers report March 2026 milk production is up slightly from the prior month. Year over year milk production for March 2026 is up also. Processors are busily working through milk volumes. Central Valley manufacturers report milk volumes are more manageable and production is running well. 

Arizona farm level milk output is steady. Some manufacturers are bringing in spot milk to fill open processing capacity and run busier production schedules. 

Handlers in New Mexico report peak spring milk production is at hand. 

Pacific Northwest milk production varies from steady to stronger. Some manufacturers are bringing spot milk loads into their production facilities from sellers inside and outside of the Pacific Northwest. 

Farm level milk output in the Mountain States of Idaho, Utah, and Colorado is steady. Spot milk loads are readily available with some manufacturer downtime in the Mountain States. Stakeholders report that peak spring milk output volumes are good. Class I demand is stronger with many educational institution's spring breaks completed. Class II demand varies from lighter to steady. Class III and IV demands are steady. 

Cream loads are available to accommodate demands. Cream demand is steady. Cream multiples are unchanged this week. Condensed skim milk demand and availability is steady, however, some sellers report buyer interest is lower than the previous year due to available quantities of milk solids.