The Weight of Heavy Milk Production
- ZISK APP
- Jun 10
- 1 min read
The dairy markets are falling under the weight of heavy milk production. CME spot nonfat dry milk (NDM) dropped 4.5ȼ this week to $2.045 per pound. Every NDM futures contract settled south of $2, far below the spot market’s spring peak at nearly $2.30. Spot whey powder fell 3ȼ this week to 67ȼ, its lowest price since late March. CME spot Cheddar blocks slipped 0.25ȼ to $1.4725, a fresh three-month low. But butter bucked the trend. It climbed 2.5ȼ to $1.6925.
Prices followed a similar path at Tuesday’s Global Dairy Trade auction. Skim milk powder (SMP), whole milk powder, and Mozzarella all lost ground while butter and anhydrous milkfat moved higher. In our increasingly export-dependent posture, U.S. dairy product markets will be more and more sensitive to changes in overseas prices.
June 8, 2026
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