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Butter, SMP and cheese futures surged in early February 2026 despite rising milk output of roughly 5% in the EU, 4% in the US and 2.5% in New Zealand. The rally was driven by a short squeeze after traders had positioned heavily short.
Short-covering-driven gains in dairy futures lift milk and dairy protein prices, though the rally may be fragile given the supply backdrop.
en.edairynews.comDamián MoraisFeb 6, 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.
