The Latest: November - 2026
Spot Whey Powder All Time High
The protein bulls galivanted through LaSalle Street, and CME spot whey powder struck a new all-time high. Spot whey powder jumped 7ȼ this week to 91ȼ per pound. The 8% increase marked the whey market’s first foray into the 90s in its eight-year tenure at the spot market. USDA’s Dairy Market News reports that whey powder demand is “steady to strong.” And some October processing downtime and production issues tightened supplies. Manufacturers continue to concentrate as much whey as possible, but there’s still plenty of raw whey leftover. Through September, whey powder production was up 7.8% year-over-year.
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The butter market’s luck has changed dramatically. After repeatedly setting record highs since late September, the market descended in dramatic fashion this week. Despite the decline, butter prices remain historically strong as cream is tight and buyers are making their final orders ahead of the holiday season.
View reportLike a mountaineer surveying Everest from K2, the butter market is exploring new heights. CME spot butter scaled a previously unconquered peak last week, and it didn’t stop there. This week it ascended another 20.25ȼ to a fresh all-time high at $3.5025 per pound. U.S. butter output topped year-ago production by wide margins in January through July.
View reportThe U.S. butter market took off like a rocket. It soared 30ȼ this week and closed at $3.30 per pound, just shy of the all-time high set yesterday. The meteoric strength caught the market by surprise.
View reportCME spot butter soared an astounding 28.25ȼ this week and closed right at the $3 mark. Exports are out of the question, but domestic demand is firm, and butter churns are running light.
View reportThe Class III markets took a big step back this week. Cooler weather has boosted yields, providing a little more milk for cheese vats. Loads of spot milk still command a premium in the Midwest, but they are slightly cheaper than they were in early September. Dairy cow slaughter is not running as hot as it did this summer, which suggests that dairy producers were feeling a little more hopeful in late August and early September.
View reportHigher temperatures fired up the dairy markets over the past few weeks, but now the mercury has fallen and so have cheese prices. Cheese output waned in July to 1.16 million pounds, 0.7% less than July 2022, marking the steepest year-over-year drop in U.S. cheese production since August 2020.
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