# Too Much Fat, Not Enough Protein: Dairy Markets Tell Two Stories

> US butter and cheese production rose year over year in August, with butter up 6.3% to 187 million pounds and cheese up 1.4% to 1.245 billion pounds. The September Milk Production report showed 9.72 million milk cows, 172,000 more than a year earlier, lifting milk output in 24 major states by 2.7%. Butter inventories were up 16% and cheese inventories up 2% year over year.

- Date: 2026-11-03 · published 2026-11-03T15:36:46.091Z
- Category: report · region US · magnitude low
- Page: https://feedsoft.ai/events/77995-too-much-fat-not-enough-protein-dairy-markets-tell-two-stories
- Commodities: [Milk (Class III)](https://feedsoft.ai/c/MILK.md)

## Why it matters

Rising cow numbers and milk output are creating a surplus of milk fat and cheese, with stocks building. That heavy supply is bearish for milk prices and dairy-based feed ingredients.

## Read by commodity

- MILK: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| MILK | 2025-12-18 | [Dairy Market Outlook: Milk Supplies Steady, Prices Ease in 2026](https://feedsoft.ai/events/21495-dairy-market-outlook-milk-supplies-steady-prices-ease-in-2026.md) | -0.4% | -6.9% |
| MILK | 2024-05-21 | [Market Outlook - Dairy Producer](https://feedsoft.ai/events/30249-market-outlook-dairy-producer.md) | -0.9% | +6.1% |
| MILK | 2025-06-28 | [Increasing milk production will color US dairy markets in months to come.](https://feedsoft.ai/events/24218-increasing-milk-production-will-color-us-dairy-markets-in-months-to-come.md) | -7.8% | -7.7% |
| MILK | 2024-11-18 | [Market Outlook November 2024 - Dairy Producer](https://feedsoft.ai/events/27402-market-outlook-november-2024-dairy-producer.md) | -0.3% | -5.9% |
| MILK | 2026-09-29 | [Dairy markets face downward pressure \| Livestock \| farmweeknow.com](https://feedsoft.ai/events/5027-dairy-markets-face-downward-pressure-livestock-farmweeknow-com.md) | -6.6% | -5.3% |

## Sources

- dairyherd.com: https://www.dairyherd.com/news/too-much-fat-not-enough-protein-dairy-markets-tell-two-stories

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