The Latest: October - 2026
Dairy Markets Dramatic Swing
It was a wild week on LaSalle as the dairy markets swung dramatically. After dipping to multi-year lows in recent weeks both cheese and butter spot values found traction at the CME. Meanwhile, dry whey continued its upward campaign, rising to a new record high. Only nonfat dry milk prices retreated, though they remain very strong compared to historical standards.
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The Cheddar market was already red hot, but barrels pushed the mercury even higher this week.
View reportFresh cheese is tight, and the markets seem to have someone – or several someones – over a barrel. High prices are working to trim demand at the margins, boost production, and attract imports.
View reportJudgment is further clouded by stupefying volatility and a sense of déjà vu. Sky-high cheese prices are simply difficult to sustain.
View reportThe bulls are still bruised after getting walloped in mid-September, when spot cheese staged an invigorating climb followed by a dramatic collapse.
View reportThe fundamentals of the milk powder market seem particularly healthy, and the bulls are roaming free.
View reportAfter much volatility, the boundaries are becoming clearer. The spread between blocks and barrels narrowed, adding another layer of uncertainty to the already complex cheese markets.
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