# Margin Monitor - July 2025 - HighGround Dairy

> HighGround Dairy's July 2025 margin monitor shows Q3 2025 estimated dairy margins down $0.85/cwt from the prior month, driven by lower nearby Class III futures. Softer cheese prices and rising milk and cheese output pressured milk values. Corn and soybean meal prices also moved lower on favorable weather, but not enough to offset the milk price decline.

- Date: 2025-07-02 · published 2025-07-02T12:00:00.000Z
- Category: market · region US · magnitude low
- Page: https://feedsoft.ai/events/4519-margin-monitor-july-2025-highground-dairy
- Commodities: [Milk (Class III)](https://feedsoft.ai/c/MILK.md), [Corn](https://feedsoft.ai/c/CORN.md), [Soybean Meal](https://feedsoft.ai/c/SBM.md)

## Why it matters

Lower Class III futures reduce expected farm milk revenue, which can weigh on dairy herd feed purchasing. Softer corn and soymeal prices partly offset that pressure for feed buyers.

## Read by commodity

- SBM: bearish ▼
- CORN: bearish ▼
- MILK: bearish ▼

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| MILK | 2025-07-02 | 1 | -7.6% | -11.3 | Margin monitor attributes lower nearby Class III futures to softer cheese prices and rising milk and cheese output, confirming bearish supply pressure on milk values. |

## Sources

- highgrounddairy.com: https://www.highgrounddairy.com/margin-monitor-july-2025/

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