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January Federal Order Class I base price fell to $16.35/cwt, the lowest since April 2021. Class II ($13.92), Class III ($14.59) and Class IV ($13.55) prices all declined from December, with Class IV at its lowest since February 2021.
Falling class prices signal weaker producer milk checks and a bearish outlook for dairy demand from farms, which can pressure dairy-herd feed purchases and feed-ingredient demand.
agproud.comJenn CoyneFeb 5, 2026After 273 past bearish report events, Milk (Class III) moved a median -0.2% over 5 sessions (39% higher; middle half -1.3% to +0.4%), and -1.4% over 20.
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.
