The Latest: May - 2026
Nonfat Dry Milk is the Belle of the Dairy Ball
Nonfat dry milk (NDM) rose to fresh record highs this week. On Thursday, the spot price hit an all-time peak of $2.295/lb. though the price dipped a half cent on the final day of trading. By the conclusion of Friday’s spot session, NDM was up 2.75¢ from last week. While elevated NDM price levels have provided an encouraging lift to Class IV milk prices, they have also made U.S. milk powder uncompetitive compared to other international suppliers and have severely limited the opportunity for U.S. manufacturers and traders to mint new export deals.
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Nearly every product lost ground at the CME as market participants challenged the high product prices seen in recent weeks. However, the butter markets really stole the show.
View reportAt the Global Dairy Trade (GDT) auction on Tuesday, the GDT Index jumped 4.6% to its highest price since March 2014, led by a 5.6% increase in the price of whole milk powder (WMP). GDT butter and cheese both scored all-time highs, while SMP climbed to prices not seen in nearly eight years.
View reportMarkets are swinging wildly from heart-stopping highs to stomach-churning lows and back again. But unlike thrill rides, the dairy markets are breaking new ground.
View reportPrices are high and extremely volatile as the trade assesses how long global milk output will remain depressed and whether demand will hold firm despite the rising cost of dairy.
View reportThe dairy markets are full of Christmas cheer for producers, while dairy buyers are grunting “Bah! Humbug,” into their egg nog. The milkfat market is especially festive and the whey market just keeps climbing.
View reportLower milk production abroad will make more room for U.S. dairy product exports, even if the global appetite for dairy products fades modestly.
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