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Class III and Class IV milk prices have diverged, and CME butter fell to $1.605 per lb, below the cheese block price of $1.70. This butter-cheese inversion is rare and reflects heavy cream output, weak food service demand and high cold-storage stocks.
Cheese has held steadier than other dairy products.
The unusual butter-cheese inversion and heavy stocks signal an imbalance in US dairy markets, which keeps milk prices under pressure into the holiday season.
dairyherd.comDairy HerdNov 1, 2025Not 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.
