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October Class IV milk prices strengthened while Class III prices fell further, widening the Class III-IV gap to $5.38 per cwt. Class II prices rebounded for the first time in three months.
In September, the Dairy Margin Coverage margin reached $8.35 per cwt on the strongest feed costs of 2026 so far, and US milk production rose 2.6% year over year.
Weaker Class III prices reflect cheese and whey demand softness and rising milk supply, which can weigh on dairy-sector feed purchasing. Higher feed costs are squeezing producer margins even as USDA data points to larger corn yields.
agproud.comJenn CoyneNov 5, 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.
