# Milk futures take a $3 bounce, but surplus supply looms

> Class III milk futures rallied nearly $3 in October, recouping the summer's price losses. Cheese buyers stepped in aggressively in late September, cheese rose about 40 cents through October 20, and whey hit an all-time high of 89.5 cents per pound. Record milk production and more beef-on-dairy cows are expected to limit further gains.

- Date: 2026-10-27 · published 2026-10-27T12:00:00.000Z
- Category: market · region US · magnitude low
- Page: https://feedsoft.ai/events/17219-milk-futures-take-a-3-bounce-but-surplus-supply-looms
- Commodities: [Milk (Class III)](https://feedsoft.ai/c/MILK.md)

## Why it matters

Stronger cheese and whey demand is lifting milk futures, but ongoing supply growth from more cows and higher output per cow caps upside. Prices are likely to stay volatile around these supply-demand offsets.

## Read by commodity

- MILK: bullish ▲

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| MILK | 2026-10-29 | 5 | +9.8% | 3.4 | Class III futures rallied nearly $3 in October on aggressive cheese buying and record-high whey (89.5c/lb), the core drivers of the 5-day gain, though surplus supply caps gains. |
| MILK | 2026-11-02 | 5 | +11.0% | 4.1 | Aggressive cheese buying and all-time-high whey at 89.5c drove Class III rally, though surplus supply was flagged as a cap. |
| MILK | 2026-10-29 | 1 | +10.2% | 9.2 | Class III futures rallied about $3 in October on aggressive cheese buying and record whey prices, the direct price drivers of the sharp move. |
| MILK | 2026-11-02 | 1 | +11.4% | 10.2 | Class III futures had rallied about $3 in October on aggressive cheese buying and record whey, which is the momentum backdrop for a further sharp one-day gain, though the surplus-supply caveat limits it. |

## Sources

- farmprogress.com: https://www.farmprogress.com/livestock-and-dairy/milk-futures-take-a-3-bounce-but-surplus-supply-looms

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