# Economic Update: May Class I base milk price climbs past $20 per cwt | Ag Proud

> The May FMMO advanced Class I base price rose to $20.15 per cwt, up $1.49 from April, driven by record nonfat dry milk prices in Class IV. Advanced butterfat factor fell to $1.86 per pound from April's high.

- Date: 2026-04-23 · published 2026-04-23T12:00:00.000Z
- Category: market · region US · magnitude low
- Page: https://feedsoft.ai/events/19715-economic-update-may-class-i-base-milk-price-climbs-past-20-per-cwt-ag-proud
- Commodities: [Milk (Class III)](https://feedsoft.ai/c/MILK.md)

## Why it matters

Record NDM prices lift the Class I price and signal strong protein demand, which supports milk and protein-based feed ingredient values. Lower butterfat points to a softer fat side.

## Read by commodity

- MILK: bullish ▲

## Sources

- agproud.com: https://www.agproud.com/articles/63353-economic-update-may-class-i-base-milk-price-climbs-past-20-per-cwt

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