The FAO dairy price index averaged 117.8 points in October, down 1.1% from September and 16.9% below October 2025. Skim milk powder quotations were 45.8% higher year on year, while butter and cheese prices fell 31.1% and 29.3%.
Strong skim milk powder demand and limited exporter supply in the US and other major exporters support protein-based dairy feed inputs, while weak EU butter and cheese stocks keep fat-side prices under pressure.
Not enough comparable past events yet for a historical read.
After 136 past neutral report events, Milk (Class III) moved a median -0.1% over 5 sessions (43% higher; middle half -0.7% to +0.5%), and -0.3% 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.