# US butter prices fall 29%, cheese drops 14%, while dairy protein prices rise

> 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.

- Date: 2026-11-04 · published 2026-11-04T15:07:39.222Z
- Category: report · region US · magnitude medium
- Page: https://feedsoft.ai/events/79889-us-butter-prices-fall-29-cheese-drops-14-while-dairy-protein-prices-rise
- Commodities: [Milk (Class III)](https://feedsoft.ai/c/MILK.md)

## Why it matters

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.

## Read by commodity

- MILK: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| MILK | 2025-09-12 | [USDA Lowers Most 2025, 2026 Dairy Price Forecasts; CME Butter Price Falls Below $2.00 - Cheese Reporter](https://feedsoft.ai/events/22853-usda-lowers-most-2025-2026-dairy-price-forecasts-cme-butter-price-falls-below-2.md) | +0.2% | -3.3% |
| MILK | 2020-04-24 | [Dairy prices fall as milk production rises](https://feedsoft.ai/events/6500-dairy-prices-fall-as-milk-production-rises.md) | -13.8% | -7.5% |
| MILK | 2022-05-14 | [USDA Ups 2022 Milk Production, Cheese & Butter Price Forecasts](https://feedsoft.ai/events/41410-usda-ups-2022-milk-production-cheese-and-butter-price-forecasts.md) | +0.5% | -2.7% |
| MILK | 2026-01-16 | [USDA Hikes 2026 Milk Production Forecast; Dairy Product Price Forecasts Mixed - Cheese Reporter](https://feedsoft.ai/events/21068-usda-hikes-2026-milk-production-forecast-dairy-product-price-forecasts-mixed.md) | -0.3% | +2.2% |
| MILK | 2026-07-11 | [Cheese production higher, milk prices lower - Dairy Star](https://feedsoft.ai/events/18337-cheese-production-higher-milk-prices-lower-dairy-star.md) | +0.4% | +7.1% |

## Sources

- dairynews.today: https://dairynews.today/news/us_butter_prices_fall_29_cheese_drops_14_while_dairy_protein_prices_rise_4890003.html

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