# Class III futures rebound as U.S. milk supply expands

> Nearby Class III milk futures gained nearly $3 in October, recovering most of the summer losses. The rally was supported by cash cheese values rising about 40 cents in the first 20 days of October and dry whey reaching 89.5 cents per pound. USDA reported September milk production of 18.7 billion pounds in 24 major states, 2.7% above a year earlier.

- Date: 2026-10-28 · published 2026-10-28T12:00:00.000Z
- Category: market · region US · magnitude low
- Page: https://feedsoft.ai/events/17218-class-iii-futures-rebound-as-u-s-milk-supply-expands
- Commodities: [Milk (Class III)](https://feedsoft.ai/c/MILK.md)

## Why it matters

Stronger cheese and whey values lift the expected return on milk used in Class III products, supporting milk prices. Growing milk output from a larger herd and higher yields per cow limits how far the rally can extend.

## Read by commodity

- MILK: bullish ▲

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| MILK | 2026-11-02 | 5 | +11.0% | 4.1 | Class III futures rebounded nearly $3 in October on cash cheese gains and record dry whey, directly supporting the sharp 5-day rise in Class III. |
| MILK | 2026-10-29 | 5 | +9.8% | 3.4 | Confirms the nearby Class III rebound driven by higher cash cheese and dry whey, partly offset by expanding supply. |
| MILK | 2026-10-29 | 1 | +10.2% | 9.2 | Reports the October Class III rebound supported by higher cash cheese and dry whey, consistent with the strong 1-day gain, though it was published as a recap. |
| MILK | 2026-11-02 | 1 | +11.4% | 10.2 | Class III futures rebounded on higher cash cheese and record dry whey of 89.5 cents, supporting the price move into early November. |

## Sources

- dairyproducer.com: https://dairyproducer.com/class-iii-futures-us-milk-production-growth/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.