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USDA data show September butter prices were 29% below a year earlier and cheese prices were down 14%. Butter output rose 6.3% in August, and cold storage butter inventories were 16% higher than a year earlier.
Nonfat dry milk and dry whey prices strengthened on food manufacturer demand.
Expanding butter and cheese supplies are weighing on US dairy prices, while higher feed costs are squeezing producer margins. The divergence between weak fat and cheese prices and firmer protein prices shapes the outlook for milk value.
dairynews.todayEkaterina PetrovaNov 4, 2026After 273 past bearish report events, Milk (Class III) moved a median -0.2% over 5 sessions (39% higher; middle half -1.3% to +0.4%), and -1.4% 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.
