Markets & Management

Coming into 2026, the milk price talk
was downright depressing. Too much milk. Not enough demand.
Plenty of global competition. Yet even amongst the bearish talk,
the dairy markets have been full of surprises over the past few
weeks – especially the nonfat dry milk market. After spending
the better part of 2025 trudging in a 20-cent range between $1.10
and $1.30 per pound, CME spot prices for nonfat dry milk started
showing some life in late January. Like kicking and screaming
kind of life. Fast forward to early February and prices rocketed up
above $1.60 per pound for the first time since 2022. Butter got
caught in the blaze, too, rallying back above $1.70 per pound.

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