All dairy pricing trends are based on USDA and CME data as of September 30, 2026.
Butter
The domestic butter market was relatively steady over the past week, trading at its lowest prices since January and the weakest September prices since 2009. Record milk production has kept abundant supplies of cream coming to market and butter churns continuing to run at record levels. Updated cold storage levels showed that butter inventories in August were 10.3% higher than last year. Record domestic consumption and extremely competitive export pricing are working to clear the excess production coming to market as a result of the record churn pace seen so far this year, according to analysts.
Cheese
Blocks continued to move lower over the past week. Except for the lows reached in April 2020 due to Covid, blocks are now at their lowest prices since March 2010. Larger overall cheese output will continue to keep pressure on the export markets to clear additional supplies, as domestic demand has been lackluster, according to analysts.
Shell Eggs
Urner Barry reported that shell egg prices were flat over the past week across all geographies and sizes. Despite the USDA reporting that egg-laying flocks are now 4.8% higher than last year, analysts still believe that HPAI concerns and seasonal demand increases should limit further downside.
Milk & Cream
Analysts expect the trend of large milk and cream supplies to continue, with the USDA confirming that fluid milk output jumped 1.7% year-over-year in August, and that the size of the U.S. dairy herd remains at 33-year highs. The abundance of butterfat this season has continued to remove supply concerns for the upcoming fall baking season; however, demand is still robust on any price declines, according to analysts.