The Latest: January - 2026
After Catching a Quick Breath…
The dairy markets have been swamped under a tidal wave of milk and are now fumbling around for the bottom. After catching a quick breath last week, spot nonfat dry milk (NDM) slipped back under the surface, falling a penny to $1.255. CME spot butter bounced back from multi-year lows, climbing 5.5ȼ to $1.355 per pound. And CME spot Cheddar blocks continued to sink, falling 2.5ȼ to $1.29. Meanwhile, whey remained buoyant. Spot whey powder rallied 3.5ȼ to 73.5ȼ.
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Dairy producers can live with those prices, but they are certainly uninspiring, especially after several years of hardship.
View reportThe market is still suffering a hangover after over-indulging in October and November and the damage has been done.
View reportDairy markets were not immune, and after a healthy rally last week markets suffered a sizeable setback.
View reportThe steep December selloff was a necessary correction and was not the start of a sustained downtrend. With the exception of butter, dairy demand is outpacing supply and supporting dairy product prices.
View reportCME spot Cheddar barrels dropped to a 10-month low but came roaring back. The powder markets firmed as well.
View reportMilk yields and components remain high while an unsettled market tries to digest the holiday excess.
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