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StoneX analyst Nate Donnay notes that cheese, butter and nonfat dry milk prices rallied in January 2026 despite strong milk production growth, while dry whey stayed at historically high levels. He points to lower imports, higher exports and moderate inventories as support for the rally.
Firm dairy product prices alongside strong milk output suggest milk values may stabilise, which would support dairy herd feed demand rather than cutting it sharply.
hoards.comNate Donnay, StoneX Group Inc.Feb 10, 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.
