The Latest: March - 2026
All Eyes on the Milk Powder Markets
All eyes have been on the milk powder markets, especially in the U.S. where nonfat dry milk (NDM) prices continue to climb to new heights. After the initial price bump seen earlier this year, NDM spot prices continued advancing this week, with prices rising each day. On Tuesday prices hit the $1.80/lb. threshold and on Wednesday, another 2¢ increase lifted the NDM price above the butter price for the first time since April 2014.
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All of the CME spot markets moved higher, and cheese did so with particular verve. Once the laggard, barrels are now the leader.
View reportThose markets that gained ground last week gave some of it back this week, while last week’s losers are now on the rise.
View reportCME spot Cheddar blocks soared to the largest single-session increase on record. Barrels followed reluctantly and the block-barrel spread gaped. The market is on tenterhooks to see whether blocks will move lower or barrels higher to close the gap.
View reportDairy producers are doing their best to top up the bulk tank while the futures promise decent Class III values. Cheesemakers are going strong, and they report that cheese is moving apace.
View reportThe cheese markets stand well below the summer peaks but have made a surprisingly quick return to the lofty elevations from a month ago. Despite the impressive uphill sprint, the trade is clearly questioning the cheese market’s stamina.
View reportSteep losses at mid-week and a Friday rebound added up to net gains across the board.
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