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Dairy analysts note that cheese and butter prices are near historic lows while dry whey and nonfat dry milk remain strong. Input costs are rising, with feed hit by unfavorable summer weather and diesel and gasoline prices surging on geopolitical tensions.
Higher feed and energy costs squeeze dairy margins, which could affect producer demand for feed ingredients as the outlook for the rest of 2026 points to downside risks.
agproud.comJenn CoyneSep 28, 2026After 49 past bearish macro events, Milk (Class III) moved a median -0.6% over 5 sessions (33% higher; middle half -8.5% to +0.6%), and -7.5% over 20.
After 105 past bullish macro events, ULSD / Diesel moved a median -0.4% over 5 sessions (45% higher; middle half -3.4% to +1.8%), and +1.2% 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.
Cheese and butter near historic lows reinforce bearish Class III pressure, though strong whey and NDM partly offset it.
