The Latest: August - 2026
The Epitome of Stability
There’s an unusual convergence in the dairy markets, with spot cheese, butter, and milk powder trading neck and neck in the $1.50s. All three products seemed pretty comfortable at these prices, and week-to-week changes were modest. CME spot butter slipped 0.25ȼ to $1.5125 per pound. Cheddar blocks fell 1.75ȼ to $1.555. Meanwhile, CME spot nonfat dry milk (NDM) climbed 1.75ȼ to $1.5775. The epitome of stability, CME spot whey powder inched up 0.25ȼ to 69.5ȼ.
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CME spot Cheddar barrels climbed to an all-time high last Friday and managed to cling to the precipice on Monday. Then their perch gave way and they plunged over the cliff.
View reportTrading volumes were light, but that led to a sense of foreboding. The rally is real, but how long can it last? The futures curve reflects traders’ fears that the market cannot sustain these prices into next year.
View reportThe combination of more milk and more cows stopped the bulls in their tracks, and made for a lot of red ink on LaSalle Street through mid-week.
View reportThe bulk of the government buying is supposed to end soon, but, judging by the sudden rally on Thursday, the trade may expect another round of aid for dairy purchases.
View reportConsumers continue to reach for kitchen staples that are familiar and convenient, and Cheddar fits the bill.
View reportAll of the CME spot markets moved higher, and cheese did so with particular verve. Once the laggard, barrels are now the leader.
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