The Latest: October - 2025
Overall Market Tone Remains Bearish
Dairy markets both in the U.S. and across the globe continue to feel out the balance of supply and demand. Although the dramatic price decreases seen during the last few weeks have given way to more modest movements, the overall market tone remains bearish. Tuesday’s Global Dairy Trade (GDT) auction, albeit glitchy, ultimately saw the GDT Price Index move down 1.4%, the fifth consecutive lower result. The decline in the index reflected lower prices across every product except anhydrous milkfat.
View Report
There is no word yet on when USDA will begin spending its allocations, which makes it difficult to assess the repercussions for the dairy markets. The dairy funding could make a big splash if it is spent in a short time, or slowly ripple through the markets if spent steadily throughout the next year.
View reportA setback is possible, but it’s impossible to predict the timing or magnitude of a retreat from the highs. Seasoned traders warn “Don’t fight the trend.”
View reportFebruary through December contracts posted life-of-contract highs, a sign of health and good cheer.
View reportThere is plenty of fodder for both the bulls and the bears, creating a rather schizophrenic trading market. We’re in a full-blown weather market, and the futures will be as fickle as the forecast.
View reportConcerns about worsening demand are colliding with rising supplies as milk floods the market.
View reportAll eyes were on the CME spot Cheddar markets this week as blocks, and especially barrels, moved decisively lower. Spot barrel prices plunged in recent days and Cheddar spot blocks also moved below $2 for the first time since early September.
View report