All dairy pricing trends are based on USDA and CME data as of April 15, 2026.
Butter
The butter market was relatively steady over the past week. Elevated milk output year-to-date has led to butter churns running at capacity, with the USDA confirming February output rose 9.1% year-over-year, setting a record for the month. Recent export data shows that the U.S. set another export record for the month of February, but forward expectations don’t appear as optimistic, as export demand will likely face further headwinds given the recent run-up in U.S. prices, elevated freight costs, stronger U.S. dollar and growing inflation risk, according to analysts.
Cheese
After reaching its highest level since October early last week, the CME block market fell back. Strong milk output and strong cheese production continue to limit any upward moves in market price, according to analysts.
Shell Eggs
Urner Barry reported that all shell egg markets were unchanged over the past week. Poor demand and building supplies have been the primary drivers of the softer markets, according to analysts. USDA reported cases of Highly Pathogenic Avian Influenza (HPAI) in commercial flocks continue to decline, with 28 commercial flocks and 1.6M birds impacted over the last 30 days.
Milk & Cream
Domestic milk production remains strong, and milk component levels have increased. Butterfat content remains at record levels; January milk output jumped 3.2% year-over-year; and domestic dairy herds increased 14K head in January to 32-year highs, according to the USDA. Historically, cheap feed costs and increased beef-on-dairy breeding revenue have helped dairy farmer profitability, keeping slaughter rates below average, according to analysts.