All dairy pricing trends are based on USDA and CME data as of April 22, 2026.
Butter
The butter market fell slightly 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
The CME block market is up slightly over the past week, supported by strong domestic and export demand, although cheese output remains strong, according to analysts.
Shell Eggs
Urner Barry reported that all non-West Coast shell egg markets were unchanged over the past week, while extra-large and large sizes were down slightly in the West Coast markets. Even as we move into the slower spring/summer demand period, prices will likely struggle to push much lower nearby, as they are already at their lowest levels since 2019, according to analysts. USDA reported cases of Highly Pathogenic Avian Influenza (HPAI) in commercial flocks continue to decline, with 23 commercial flocks and 720K 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.