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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In an environment as fickle as the Chicago Mercantile Exchange, bulls are not typically bred for their stamina. But in the Cheddar block market there is a bull of a different breed.
View reportAlthough there is plenty of milk, there is a shortage of fresh cheese and demand remains resilient despite the price.
View reportFears that the meteoric rise was all sparkle and no substance were doused by buyer’s willingness to step in and make a purchase, rather than sit on the sidelines and let the selloff run its course.
View reportA steep decline in milk output in May likely slowed cheese production and tightened the supply of fresh cheese for sale in Chicago today, prompting the remarkable run in the spot market.
View reportAfter a few days romping around LaSalle Street, they left abruptly. By Thursday the market had run out of positive fundamental news with which to fill their troughs.
View reportThe markets sprinted straight uphill on Monday and with amazing stamina and speed, they maintained their frantic pace. They finally tired on Friday and despite the late-week retreat, the total mileage is impressive.
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