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Dairy producers face tight margins as milk supplies expand and feed costs remain firm heading into 2027. USDA's October WASDE trimmed 2026 and 2027 milk output and cut butter and cheese price forecasts while raising nonfat dry milk and whey forecasts.
October Class III milk settled at $14.97 per cwt. while Class IV settled at $20.48, a spread of more than $5.50.
Milk prices are lagging feed costs, which keeps dairy margins under pressure and may slow herd expansion over time. The wide Class III and Class IV spread reflects divergent protein and butterfat fundamentals.
blogs.extension.iastate.eduOct 12, 2026Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
