The Latest: September - 2026
Protein Reigns Supreme in the GLP-1 Era
Protein reigns supreme over the dairy complex. In the GLP-1 era, consumers are hungry for protein in all forms, and dairy delivers. Whey proteins are particularly desirable thanks to their neutral flavor. Food processors covet whey powders, protein concentrates (WPCs), and protein isolates (WPIs) as they seek to improve nutritional labels without sacrificing on taste or texture. Demand for WPC with at least 80% protein has faded as prices have climbed high enough to push buyers to alternative sources, including milk protein concentrate. But food makers continue to snap up WPC-34 and WPIs.
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The 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.
View reportRevenues 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.
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