The Latest: September - 2026
Relentless Growth in Milk Output
Relentless growth in milk output and sky-high components kept dairy manufacturers busy in July. Dairy processors made 2.1% more cheese and 5.5% more butter than in July 2025. Domestic demand is not keeping pace with this growth, and neither are exports. Despite another month of record-smashing cheese shipments, year-over-year growth in January through July cheese exports was 19.5 million pounds smaller than the increase in cheese output.
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Revenues improved throughout the year. Although not sufficient to undo years of financial distress, it is the highest revenue since 2014 and worthy of celebration.
View reportThe market did its job, encouraging production, discouraging sales, and returning to equilibrium at more sustainable values.
View reportPass the egg nog, please. USDA announced the highest Class III price in five years. That’s a lot of Christmas cheer heading for dairy producers’ mailboxes. The butter market, however, is suffering a holiday hangover.
View reportThe gains were driven by impressive improvements in milk production per cow. Higher prices and mild weather have boosted milk output.
View reportSpot Cheddar is still at a rather lofty perch and spot barrels have the highest value in more than five years. The markets are doing their job.
View reportCME spot Cheddar barrels reached a five-year high, then the bids dried up.
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