Did anyone have a run in the CME nonfat dry milk market back above $2.20 per pound for a second time this year on their bingo card? How about a 53-cent rally in the spot cheese market from lowest levels since May 2020 to highest since October 2025 in less than a three-week period? What about cow numbers above 9.743 million – the largest milking herd going back 30+ years? I can absolutely confirm that those things were, indeed, NOT on mine! It’s been a wild ride in the dairy markets this year, creating significant volatility and uncertainty at the farm level. So, as we sit here at the end of October, what are the key influences driving the market to round out the year, and how might that impact early 2027?
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