The Latest: October - 2026
Dairy Market Continues to Diverge
The dairy markets continue to diverge. Strong demand for proteins is lifting powder values. This week, CME spot whey powder gained another 2ȼ and reached 82.5ȼ per pound, a fresh 4.5-year high. Spot nonfat dry milk added a nickel, climbing to $2.22, just 7.5ȼ below the all-time high reached this spring. Asian buyers are eager to import U.S. whey powder, propping up prices despite robust production. For NDM, both domestic and international demand are strong, while production remains restrained. Other dairy processors are lapping up much of the milk supply, spot milk prices are rising, and dryers are running light in the Southwest. U.S. milk powder exports to Mexico are formidable.
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Buyers and sellers jockeyed to exert their influence on the trade. The action in the cheese markets was relatively subdued, however important movements in the nonfat dry milk, whey, and especially butter markets, kept observers on their toes.
View reportThe phenomenon is certainly not limited to the United States. Market observers watched the Global Dairy Trade index climb on Tuesday by 4.1%, with the index reaching the highest level seen since February 2014.
View reportNearly 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.
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