Monday Midday Dairy Market Summary - Futures Trading Higher

OUTSIDE MARKETS SUMMARY:

CORN:	3 Lower
SOYBEANS:	5 Lower
SOYBEAN MEAL:	$0.40 Higher
LIVE CATTLE:	$2.15 Higher
DOW JONES:	31 Points Higher
NASDAQ:	385 Points Higher
CRUDE OIL:	$3.11 Lower

MIDDAY MARKET UPDATE:

The block cheese price increased by 0.5 cents to close at $1.5725 with 1 load traded. The barrel cheese price was unchanged to close at $1.70 with no loads traded. Dry whey increased 1 cent to close at 85.0 cents with no loads traded. Class III futures are trading 1 cent lower to 22 cents higher. The butter price decreased by 0.5 cents, closing at $1.26 with no load traded. There were 2 bids and 36 offers remaining at the close. Grade A nonfat dry milk decreased 1.5 cents to close at $2.1825 with 2 loads traded. Class IV futures are unchanged. Butter futures are mixed trading from 0.975 cents lower to 0.625 cents higher. Dry whey futures have not yet traded. Cheese futures are 0.3 to 2 cents higher. Nonfat dry milk futures are 0.3 to 2.7 cents higher.

Monday Morning Dairy Market Update - Overnight Trade Quiet; Class III the Only Product Trading

OPENING CALLS:

Class III Milk Futures:	Mixed
Class IV Milk Futures:	Mixed
Butter Futures:	0.10 to 0.50 Lower

OUTSIDE MARKET OPENING CALLS:

Corn Futures:	1 to 2 Higher
Soybean Futures:	1 to 2 Higher
Soybean Meal Futures:	$1.40 to $1.60 Lower
Wheat Futures:	2 to 3 Lower

MILK:

Milk supplies are steady week over week. The East has been unseasonably warm, yet production does not seem to be affected. Central milk supplies are steady although spot milk has been less abundant. West supplies are still readily available; however, the Pacific Northwest is suffering from the effects of avian influenza affecting some herds. Nonfat dairy milk (NDM) saw price increases mostly across all regions. For the weekly grocery store activity, conventional total advertisements saw a 3% decrease this week. Organic dairy ads, on the other hand, increased 70%.

CHEESE:

Cheese market conditions were steady to firmer last week. In the East, production is well balanced with demand. There have been some new product launches and holiday promotions to drive demand. In the Central region, milk supplies are steady, but spot availability has tightened as Class I and IV processors increase intake. In the West, milk supplies are balanced as production is steady and export demand is moderate to strong, especially to South Korea. Food service demand is unchanged. Cheese advertisement dropped week over week by 17%.

BUTTER:

Butter demand has increased in the West and is steady in all other regions. Holiday buying is slower than a year ago. Export demand is steady. Some butter manufacturers say export sales are up compared to a year ago. Cream is somewhat tighter and butter production is increasing.

Friday Closing Dairy Market Update - Butter Production Higher

GENERAL OVERVIEW:

USDA released the Dairy Products report Thursday for September, however due to a USDA website error, we didn't get to see the results until Friday morning. Cheese production is down month over month, while higher than last year. Butter production, on the other hand, was up significantly from the previous month and the previous year.

MILK:

Class III futures settled 2 cents higher today on the November contract at $17.70. That is down 30 cents from Monday. Class IV futures did not trade on the November or December contract today, however the January contract was down 48 cents Friday afternoon. While Class IV was not very active for the week, futures were supported from strength in the Nonfat Dry Milk (NDM) market. NDM had a strong week, continuing strength from the end of the week last week. Futures had traded within 3 cents of contract highs before falling apart today. On the September Dairy Products report, regular hard ice cream production totaled 62.4 million gallons, up 5.6% from last year.

AVERAGE CLASS III PRICES:

3 Month:	$17.00
6 Month:	$16.97
9 Month:	$17.11
12 Month:	$17.27

CHEESE:

For the week, blocks fell 3.25 cents with 13 loads traded. The weekly average price is $1.5820, down 12.75 cents from last week's average. Barrels declined 2.5 cents with no loads traded. The weekly average price is $1.72, down 0.30 cents from last week. Dry whey ended the week unchanged after trading higher midweek. There were no loads that traded. The weekly average price is 84.6 cents, an increase of 1.50 cents from last week. On the September Dairy Products report, total cheese output was 1.23 billion pounds, up 0.7% from last year and down 2.5% from the previous month. Dry Whey products totaled 71.7 million pounds, up 3.8% from last year.

BUTTER:

For the week, butter fell 6.75 cents with 40 loads traded. The weekly average price is $1.2895, down 2.5 cents from last week. Grade A nonfat dry milk increased by 7.25 cents, with nine loads traded. The weekly average price is $2.1765, up 10.45 cents from last week's average. On the Dairy Products report, total butter production was 204 million pounds, 10.9% above last year and 8.9% above August. Nonfat dry milk production was 129 million pounds, which was up 3.7% from last year. Skim milk powder production was 19.1 million pounds, down 58.8% from last year.

OUTSIDE MARKETS SUMMARY:

December corn closed up 1.50 cents per bushel at $4.4150, January soybeans closed up 5.50 cents at $11.9375 and December soybean meal closed up $2.00 per ton at $319.20. December Chicago wheat closed down 8.00 cents at $5.9125.

December live cattle closed down $0.35 at $214.05. December crude oil is down $0.11 per barrel at $90.41. The Dow Jones Industrial Average is down 237 points at 51,285 and the NASDAQ is up 264 points at 24,579.

Friday Midday Dairy Market Summary - Spot Markets Lower

OUTSIDE MARKETS SUMMARY:

CORN:	1 Higher
SOYBEANS:	2 Lower
SOYBEAN MEAL:	$0.10 Lower
LIVE CATTLE:	$1.15 Lower
DOW JONES:	31 Points Higher
NASDAQ:	385 Points Higher
CRUDE OIL:	$0.24 Lower

MIDDAY MARKET UPDATE:

The block cheese price decreased by 1 cent to close at $1.5675 with 3 loads traded. The barrel cheese price was 2.5 cents lower to close at $1.70 with no loads traded. Dry whey decreased 2 cents to close at 84.0 cents with no loads traded. Class III futures are trading 2 to 11 cents higher. The butter price decreased by 0.75 cents, closing at $1.2650 with 1 load traded. There were 11 bids and 14 offers remaining at the close. Grade A nonfat dry milk decreased 1.5 cents to close at $2.1975 with 1 load traded. Class IV futures have not yet been traded. Butter futures are mixed trading from 0.275 cents lower to 0.5 cents higher. Dry whey futures are 0.10 to 0.55 cents lower. Cheese futures are 0.5 cents lower to 0.9 cents higher. Nonfat dry milk futures are 0.475 to 3.92 cents lower

Friday Morning Dairy Market Update - Volatile Week for the Market

OPENING CALLS:

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

OUTSIDE MARKET OPENING CALLS:

Corn Futures:	1 to 2 Lower
Soybean Futures:	1 to 3 Lower
Soybean Meal Futures:	$2.00 to $2.50 Higher
Wheat Futures:	7 to 9 Lower

MILK:

Dairy markets are quiet Friday morning as there has been very limited trading overnight. Class III milk futures are unchanged to up 1 cent. Class IV has not yet traded. Nonfat dry milk (NDM) is only pennies away from contract highs. Can they close the week off strong? NDM futures have not yet traded Friday morning. Milk supplies across the country are currently tight in the East, Central and Upper Midwest, while they are described as heavy in the West. Milk production is expected to increase this month as cooler temperatures improve cow comfort.

CHEESE:

Cheese futures are down 0.2 cents in the nearby contracts as the deferred contracts have not yet been traded. The spot market has weakened this week with the current weekly average for cheddar blocks trading 12 cents below last week's average with only Friday's trade left to go. Barrels have not traded this week. Grocery stores are pushing advertisements and sales for cheese, trying to encourage the consumers to add cheese and butter products to their shopping carts.

BUTTER:

Butter futures have not yet been traded Friday, but are expected to continue to be pressured until demand increases. The grocery stores are doing everything they can to encourage the baking season to get started. The Cold Storage report last month did show that butter stocks are down from the previous month. However with an increase of 16% from the previous year at this time, it is difficult to gain much ground.

Thursday Closing Dairy Market Update - Products Report Delayed

GENERAL OVERVIEW:

USDA was to release the Dairy Products report Thursday afternoon, however at the time of the closing comments, USDA's website still does not have the report posted.

MILK:

Class III futures dropped anywhere from 15 to 33 cents lower on Thursday. Class IV futures were 1 to 3 cents higher on the months that traded. Dry whey was mixed from 0.15 lower to 0.175 higher. Nonfat dry milk spent the day trading sideways with mixed trade near the close of the day, trading anywhere from 1 cent lower to 1.225 cents higher. Milk production has been higher in recent weeks with the cooler weather. Cows are liking the temperature, and cow comfort is optimum.

AVERAGE CLASS III PRICES:

3 Month:	$16.98
6 Month:	$16.93
9 Month:	$17.08
12 Month:	$17.24

CHEESE:

Cheese futures traded anywhere from 1.5 to 2.9 cents lower this afternoon, further continuing the weakness seen from earlier this week. Cash prices have traded lower to flat this week, with today's trade off 1 cent for cheddar blocks. Barrels have not traded yet this week.

BUTTER:

Butter futures were unchanged to 4.75 cents lower on Thursday, while the cash price was a little less dramatic, only falling 0.75 cents. There were a lot of buyers and sellers in Thursday's spot trade with 22 loads actually trading and substantially more players wanting to make a trade but prices were too far apart. Holiday baking season is around the corner so grocery stores have been pushing cheese and butter advertisements.

OUTSIDE MARKETS SUMMARY:

December corn closed down 4.25 cents per bushel at $4.4000, January soybeans closed down 14.00 cents at $11.8825 and December soybean meal closed down $1.40 per ton at $317.20. December Chicago wheat closed up .75 cent at $5.9925.

December live cattle closed down $3.60 at $214.40. December crude oil is up 2.40 per barrel at $90.52. The Dow Jones Industrial Average is down 1833 points at 51,523 and the NASDAQ is down 1422 points at 24,315.

Fluid Milk and Cream - Western U.S. Report 45

Contacts report strong milk production in California, with milk output increasing week over week. Farm-level milk production remains steady in New Mexico, Arizona, and Colorado. In the Pacific Northwest, milk production has declined somewhat as positive cases of Highly Pathogenic Avian Influenza have expanded across the region. Idaho reports balanced farm-level milk output as cooler temperatures continue to spread throughout the region. 

Classes demand remains steady week over week. Federal Milk Market data for Areas 51, 124, and 131 show Class I, II, and IV posting the largest year-over-year declines from 2025 to 2026, while Class III shows the strongest growth in fluid demand. Cream availability across the West remains balanced. Some spot loads are available, but contacts expect cream supplies to become more abundant as favorable fall weather conditions continue. Cream multiples moved slightly higher at the top of both regional ranges. 

Condensed skim milk remains tight, with contacts reporting limited availability. Buyers are negotiating contracts to secure condensed skim milk and, in some cases, must also contract for other, more readily available fluid products in order to secure the contract. Some manufacturers are turning to nonfat dry milk (NDM) to fill ingredient supply gaps. According to contacts, suppliers have left some 2027 condensed skim contracts unfilled because of current availability projections.

Thursday Midday Dairy Market Summary - Heavy Butter Volume as Price Falls

OUTSIDE MARKETS SUMMARY:

CORN:	3 Lower
SOYBEANS:	9 Lower
SOYBEAN MEAL:	$0.50 Lower
LIVE CATTLE:	$4.775 Lower
DOW JONES:	1,482 Points Lower
NASDAQ:	1,252 Points Lower
CRUDE OIL:	$2.41 Lower

MIDDAY MARKET UPDATE:

The block cheese price decreased by 1 cent to close at $1.5775 with no loads traded. The barrel cheese price was unchanged at $1.7250 with no loads traded. Dry whey increased 1 cent to close at 86.0 cents with no loads traded. Class III futures are trading 12 to 32 cents lower. The butter price decreased by 0.75 cents, closing at $1.2725 with 22 loads traded. There were 122 bids and 50 offers remaining at the close. Grade A nonfat dry milk increased 2.5 cents to close at $2.2125 with three loads traded. Class IV futures are trading 1 cent higher on the December contract. Butter futures are unchanged to 0.55 cents lower. Dry whey futures are 0.8 cent lower to 0.1 cent higher. Cheese futures are 1.4 to 2.6 cents lower. Nonfat dry milk futures are 0.25 to 1.475 cents higher.

Thursday Morning Dairy Market Update - Is the Nonfat Dry Milk Rally Over?

OPENING CALLS:

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

OUTSIDE MARKET OPENING CALLS:

Corn Futures:	2 to 4 Higher
Soybean Futures:	3 to 6 Higher
Soybean Meal Futures:	$2.00 to $2.50 Higher
Wheat Futures:	4 to 6 Higher

MILK:

Class III futures are lower Thursday morning, trading down 1 to 6 cents. The Dairy Products report for September will be released later Thursday. Wednesday, export data from USDA and Census showed dairy exports up 13.8% year over year. The Class & Component Prices were released as well, with Class II and IV higher, while class III was down 88 cents from last month. Monthly product averages were lower for cheese, butter, nonfat dry milk and dry whey.

CHEESE:

Cheese futures have not yet been traded Thursday. On Wednesday's National Dairy Products Sales report, cheddar cheese prices received for 40-pound blocks averaged $1.53 per pounds last week, which was an increase of 11 cents from the week before. Cheese sales totaled 9.7 million pounds, down from the 10.5 million pounds reported the week before.

BUTTER:

Butter prices received last week for 68-pound boxes, meeting USDA's Grade AA standard, averaged $1.37 per pound. That is an increase of 0.8 cents from the week before and the highest week reported for October 2026. Sales were reported at 3.1 million pounds, which was up from 3 million pounds the week before. It was down significantly from the week ended Oct. 3, which totaled over 5.4 million pounds.

Wednesday Closing Dairy Market Update - Dairy Exports Up 13.8%

GENERAL OVERVIEW:

USDA on Wednesday released U.S. export data through September showcasing a strong year for dairy products. Class and Component prices for October were announced Wednesday afternoon as well. Class II and IV are higher from last month while Class III price was down.

MILK:

Class II price was $19.25 per hundredweight for October, up $1.55 from last month. Class III price fell 88 cents to $15.16 while Class IV climbed $1.60 at $20.54. Class II increased $3.13 year-over-year and Class IV increased $6.24 from October of last year. Class III, on the other hand, fell $1.75 year over year. Export data was also released Wednesday afternoon. For dairy, the U.S. exported $8.08 billion worth of products from January through September, up 13.8% from the same time frame last year. Class III milk futures were mixed Wednesday, with trade 10 cents lower to 10 cents higher. Class IV was down 22 cents on the January contract. Nonfat dry milk was mixed, trading 0.75 cents lower to 0.975 cents higher.

AVERAGE CLASS III PRICES:

3 Month:	$17.85
6 Month:	$17.16
9 Month:	$17.25
12 Month:	$17.40

CHEESE:

Cheese futures were also mixed Wednesday with trade anywhere from 0.3 cents lower to 0.8 cents higher, lacking direction until the market receives further news. Thursday's Dairy Products report might be the deciding factor to break this choppy pattern.

BUTTER:

Butter fell 1.75 cents in the spot market Wednesday, adding to lower daily trade seen all week. Futures fell further, trading as much as 3.5 cents lower. For the export report, butter exports for the U.S. were up 16% from last year at this time for a total of $398.2 million worth of products.

OUTSIDE MARKETS SUMMARY:

December corn closed up 1.75 cents per bushel at $4.4425, January soybeans closed down 11.75 cents at $12.0225 and December soybean meal closed up $.60 per ton at $318.60. December Chicago wheat closed down 1.25 cents at $5.9850.

December live cattle closed down $0.15 at $218.00. December crude oil is down 7.97 per barrel at $88.12. The Dow Jones Industrial Average is up 1,569 points at 53,356 and the NASDAQ is up 364 points at 25,736.

Wednesday Midday Dairy Market Summary - Butter Falls Again

OUTSIDE MARKETS SUMMARY:

CORN:	4 Higher
SOYBEANS:	5 Lower
SOYBEAN MEAL:	$2.30 Higher
LIVE CATTLE:	$0.425 Lower
DOW JONES:	1500 Higher
NASDAQ:	515 Higher
CRUDE OIL:	$7.81 Lower

MIDDAY MARKET UPDATE:

The block cheese price increased by 1 cent to close at $1.5875 with five loads traded. The barrel cheese price was unchanged at $1.7250 with no loads traded. Dry Whey increased 1 cent to close at 85.0 cents with no loads traded. Class III futures are mixed, trading 7 cents lower to 12 cents higher. The butter price decreased by 1.75 cents, closing at $1.28 with no loads traded. There were four bids and four offers remaining at the close. Grade A nonfat dry milk increased 2.75 cents to close at $2.1875 with two loads traded. Class IV futures are trading 22 cents lower on the January contract. Butter futures are 1.5 to 2 cents lower. Dry whey futures are 1 cent lower to 1 cent higher. Cheese futures are 0.1 cent lower to 1.2 cents higher. Nonfat dry milk futures are 0.5 cents lower to 1 cent 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
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 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.

Tuesday Morning Dairy Market Update - Continued Market Strength Overnigh

OPENING CALLS:

Class III Milk Futures:	10 to 20 Higher
Class IV Milk Futures:	Mixed
Butter Futures:	0.50 to 1 Lower

OUTSIDE MARKET OPENING CALLS:

Corn Futures:	1 to 2 Lower
Soybean Futures:	2 to 6 Higher
Soybean Meal Futures:	$0.50 to $1.00 Higher
Wheat Futures:	1 to 2 Lower

MILK:

Class III milk is trading 12 to 20 cents higher Tuesday morning. Later Tuesday morning, the Global Trade Auction will take place. Overall, supplies of milk are tight in the East and Upper Midwest, while the South is more comfortable and the West is flush with milk supply, especially in the Pacific Northwest and California.

CHEESE:

Monday's cheese rebound kicked off the month and the week with some continued support after Friday's disappointing close. Spot prices, while higher on Monday, have some ground to make up from Friday as well. Overall, cheese conditions are considered steady across the country. Production is steady and retail and food service demand is stable. In the West, they are seeing strong international demand.

BUTTER:

Butter had a rough start to the month with both futures and spot prices trading lower on Monday. Cream supplies are overall tighter across the country. Demand for butter in the East and Central regions is steady, and demand in the West is stronger. Export demand for both butter and cream is steady to strong. While cream supply is described as tighter, spot loads still seem to be readily available

Monday Closing Dairy Market Update - Markets All Higher, Except Butter

GENERAL OVERVIEW:

Futures made some impressive moves to start on the week and the month of November with some strength. Class III futures were 25 to 34 cents higher, Grade A nonfat milk futures were 1.5 to 5.52 cents higher, continuing with its strong rally with expanded futures limits. Cheese and dry whey also had some small gains on the day while butter futures were the odd one out with contracts moving 2.25 to 4.175 cents lower on the day.

MILK:

Class III futures had a strong move higher today with increases of 25 to 34 cents across the board. Milk supplies across the country are varied with tightness in the East and Central regions, while the West is described as "heavy". Eggnog demand is increasing as the holidays are approaching. In the month of September, 12.9 billion pounds of milk were received from Federally pooled producers, 11.7% higher than the volume from September 2025. Conventional milk advertisements increased 21% last week with the conventional gallon size up 41%, but down from this week last year. Organic milk ads were down 41% this week. The average price for conventional gallons is $3.72, up 21 cents week over week.

AVERAGE CLASS III PRICES:

3 Month:	$16.76
6 Month:	$16.90
9 Month:	$16.03
12 Month:	$17.21

CHEESE:

Cheese prices climbed higher today as futures were 1.7 to 2.7 cents higher on the day. Advertisements for last week focused on 6-to-8-ounce blocks of cheese as the most advertised variety while sliced cheese led the way for organic advertisements. Nationally, cheese supply and demand was described as steady. Bulk inventories were moving in the Midwest where excess supply has been worrisome before. Cheese plants are maintaining active production schedules with firm retail demand for barrels and curds.

BUTTER:

Butter futures were down 2.25 to 4.175 cents today. Butter demand has been stronger in the West while the stakeholders report shows the East and Central regions to be steady. Exports have been similar, ranging from strong to steady. Seasonal butter production has become more active as micro-fixing has ramped up. Supplies have been plentiful. Butter production is in full force in the East with churns running 6 days a week. In the West, they are noticing that export demand is strong, however, they are describing buyers as "price sensitive".

OUTSIDE MARKETS SUMMARY:

December corn closed up .50 cent per bushel at $4.4825, January soybeans closed down 17.50 cents at $12.1675 and December soybean meal closed down $5.00 per ton at $319.60. December Chicago wheat closed up 3.00 cents at $6.0650.

December live cattle closed down $1.25 at $219.70. December crude oil is down 7.69 per barrel at $96.43. The Dow Jones Industrial Average is up 213 points at 51,983 and NASDAQ is down 272 points at 25,164.

Monday Midday Dairy Market Summary - Butter Futures Fall

OUTSIDE MARKETS SUMMARY:

CORN:	1 Lower
SOYBEANS:	6 Higher
SOYBEAN MEAL:	$0.25 Lower
LIVE CATTLE:	$1.125 Lower
DOW JONES:	478 Points Lower
NASDAQ:	802 Point Lower
CRUDE OIL:	$2.71 Higher

MIDDAY MARKET UPDATE:

The block cheese price increased by 0.25 cents to close at $1.60 with no 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 22 to 34 cents higher. The butter price decreased by 2.5 cents, closing at $1.3325 with 11 loads traded. There were 25 bids and 10 offers remaining at the close. Grade A nonfat dry milk increased 1.25 cents to close at $2.1250 with no loads traded. There were 5 bids and 3 offers left at the close. Class IV futures have not yet been traded today. Butter futures are 2.75 to 6.125 cents lower. Dry whey futures are 0.85 to 1.25 cents higher. Cheese futures are 0.6 to 2.3 cents lower. Nonfat dry milk futures are 0.95 to 4.4 cents higher. 

Monday Morning Dairy Market Update - Will Spot Market Drive November Prices?

OPENING CALLS:

Class III Milk Futures:	15 to 30 Higher
Class IV Milk Futures:	Mixed
Butter Futures:	Mixed

OUTSIDE MARKET OPENING CALLS:

Corn Futures:	3 to 4 Higher
Soybean Futures:	1 to 3 Lower
Soybean Meal Futures:	$1.00 to $1.30 Higher
Wheat Futures:	1 to 3 Higher

MILK:

Overnight markets are trading 15 to 26 cents higher for Class III futures. Class IV futures have not yet been traded. This week, there are several reports to prepare for. The Global Dairy Trade will take place Tuesday. The September exports data will be released on Wednesday, along with Federal Order Class and Component Prices. Thursday will bring the final report of the week with the September Dairy Products report.

CHEESE:

A sharp decline in cheddar cheese blocks Friday during the spot market was unexpected given the recent strength. Last week, the government announced a new plan to purchase $165.5 million worth of milk and cheese products to help feed Americans in need. The last time a product of much larger scale was implemented, back in 2020, it had a very positive effect on dairy prices. Futures are trading higher for cheese Monday morning with overnight markets climbing 1.6 to 2.4 cents higher.

BUTTER:

Butter demand has been stronger in the West while steady across the rest of the country. We have yet to see a major impact on price from holiday demand as inventories have been steady. There is plenty of cream available and most manufacturers are running six days a week. The preparation for the holiday season is here, and now the market awaits to see how strong that demand will be.

Friday Closing Dairy Market Update - September Agricultural Prices Received Index Down 1.7 Percent

GENERAL OVERVIEW:

USDA released the Agricultural Prices monthly report which indexes prices received for commodities as well as the Prices Paid Index, which calculates the costs paid for interest, taxes wages, diesel and feeds. The September Prices Received Index was down 1.7% while the Prices Paid Index was up 0.4%.

MILK:

Class III futures closed the week off, trading 3 to 23 cents lower this afternoon. The November contract fell 23 cents from Monday's settlement. Class IV was up 13 cents on the week while dry whey was nearly unchanged at 0.10 cents higher, and NDM 6.62 cents higher. The September Prices Received Index was 1.7% lower than August but 0.5% higher than September of last year. The Crop Production Index was up 3.7% from last month but up 15% from 2025. Livestock was down 4.4% from August and down 10% from last year. Producers received lower prices for cattle, eggs, hogs, and milk but more for corn. There was decreased monthly movement for cattle, wheat and other products but an increase in movement for corn, soybeans, calves and apples. The September Prices Paid Index was up 0.4% from last month and 5.2% higher than last year. Diesel fuel, complete feed, other services and concentrates were up a higher degree than the amount paid was reduced for lower hay, forages, feeder cattle, feeder pigs and herbicide. Overall, for dairy farms, prices received were lower and prices paid were higher.

AVERAGE CLASS III PRICES:

3 Month:	$16.54
6 Month:	$16.70
9 Month:	$16.88
12 Month:	$17.10

CHEESE:

For the week, the block cheese price decreased by 3.75 cents with 15 loads traded. The weekly average price was $1.7095, down $2.90 from last week. The barrel cheese price closed 0.50 cents higher with no loads traded. The weekly average price was $1.7230, up 1.90 cents from last week. The dry whey price decreased by 0.25 cents with 3 loads traded. The weekly average price is 83.10 cents, down 4.25 cents from last week.

BUTTER:

For the week, the butter price increased by 1.75 cents with 46 loads traded. The weekly average price was $1.3145, down 3.45 cents from last week's average. Grade A nonfat dry milk increased 1.75 cents with 7 loads traded. The weekly average price was $2.0720, down 8.30 cents from last week's average.

OUTSIDE MARKETS SUMMARY:

December live cattle closed down $5.35 at $220.95. December crude oil is up .99 per barrel at $102.99. The Dow Jones Industrial Average is down 572 points at 51,770 and the NASDAQ is down 747 points at 25,43

Friday Midday Dairy Market Summary - Cheese Lower as Cheddar Blocks Fall Sharply

OUTSIDE MARKETS SUMMARY:

CORN:	1 Lower
SOYBEANS:	6 Higher
SOYBEAN MEAL:	$0.25 Lower
LIVE CATTLE:	$1.125 Lower
DOW JONES:	478 Points Lower
NASDAQ:	802 Point Lower
CRUDE OIL:	$2.71 Higher

MIDDAY MARKET UPDATE:

The block cheese price decreased by 13.75 cents to close at $1.5975 with three loads traded. There were two bids and two offers left at the close. The barrel cheese price was unchanged at $1.7250 with no loads traded. Dry whey increased by 2 cents closing at 84.0 cents with two loads traded. Class III futures are 8 to 29 cents lower. The butter price increased by 3.75 cents, closing at $1.3575 with 11 loads traded. Grade A nonfat dry milk increased 2.5 cents to close at $2.1125 with no loads traded. There were 10 bids and five offers left at the close. Class IV futures have not yet traded Friday. Butter futures are 0.1 to 2.2 cents higher. Dry whey futures are 0.125 to 0.875 cents lower. Cheese futures are 0.6 to 2.3 cents lower. Nonfat dry milk futures are 2.85 to 4.25 cents higher with expanded 8 cent limits Friday.