# A look back to look ahead

> 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.

- Date: 2026-02-10 · published 2026-02-10T12:00:00.000Z
- Category: market · region US · magnitude low
- Page: https://feedsoft.ai/events/20768-a-look-back-to-look-ahead
- Commodities: [Milk (Class III)](https://feedsoft.ai/c/MILK.md)

## Why it matters

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.

## Read by commodity

- MILK: neutral

## Sources

- hoards.com: https://hoards.com/article-37749-a-look-back-to-look-ahead.html

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