Markets & Management

The one thing that is inevitable
in commodity markets is what goes up must come down,
and what comes down will go up again. That is holding true as 2026
continues to unfold. In January, we saw Class III and IV milk prices
fall dramatically, with the all-milk price dropping to $17.50 per
hundredweight (cwt) and dairy margins through the Dairy Margin
Coverage (DMC) Program falling to below $8 per cwt. In April, prices
started to regain momentum, despite year-over-year milk production,
with the all-milk price moving to $20.80 per cwt and the DMC
margin above $10.50.

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