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US butter prices have fallen about 29% and cheese about 14% as expanding herd numbers and milk output build inventories of milkfat products. Meanwhile nonfat dry milk and dry whey have rallied on strong demand for protein.
USDA data showed the dairy herd at 9.72 million head in Q3 2026, up 172,000 head year-on-year, with milk production in 24 major states up 2.7%.
Surplus butter and cheese weigh on milk component values and Class III-type pricing, while firm NDM and whey support protein-based feed ingredient costs. The split suggests dairy byproduct feed values will diverge by component.
en.edairynews.comDamián MoraisNov 4, 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.
