All dairy pricing trends are based on USDA and CME data as of November 11, 2026.
Butter
The domestic butter market continued to retreat towards calendar year lows and ultimately closed lower week-over-week. With prices near historic lows, additional order interest continues to materialize, as buyers consider year-over-year savings and the coming build for holiday and baking season demand, according to analysts. The USDA reported that dairy production in September jumped 10.9% year-over-year, with current butter cold storage levels now 16.5% higher than last year at this time. It also reported that the U.S. exported 30% more butter in September than in August, and 29% more than in September 2025, with prices continuing to provide excellent value into global channels.
Cheese
Blocks bounced higher this week, driven by active spot trading and increased demand ahead of the holidays. Ample milk availability and robust cheese production continue to contribute to abundant supplies, according to analysts.
Shell Eggs
According to Urner Barry, medium, large, and extra-large size eggs continued to rise across all geographies. Analysts expect egg markets to remain supported through year-end, due to heightened concerns surrounding HPAI and typical seasonal demand patterns. HPAI continues to spread, with the USDA's Animal and Plant Health Inspection Service reporting 13 commercial flocks and 2.74M birds impacted over the last 30 days.
Milk & Cream
Record milk production has kept abundant supplies of cream coming to market, with demand not quite able to keep up, and improved farmer margins should continue to support record milk and cream production in the U.S., according to analysts, who expect the trend of large milk and cream supplies to continue. The USDA reported that fluid milk output jumped 2.6% year-over-year in September, and that U.S. herds remain at 33-year highs. The abundance of butterfat this season has continued to remove supply concerns for the baking season despite very strong demand, according to analysts, who believe that with milk and cream availability modestly improving, upside risk should remain muted in the short term.
The data contained in the Farmer’s Report is provided for informational purposes only, is not tailored to your specific purchasing needs, and is not intended as a substitute for any other publicly-available market data or information. The Farmer’s Report is compiled from the last-received market data provided by the United States Department of Agriculture (USDA) and/or other market sources, and is subject to change without notice. Nothing herein is the opinion of US Foods®. US Foods neither assumes any legal liability nor makes any warranty or guaranty, either express or implied, regarding the completeness, accuracy or usefulness of this information.