Markets & Management

U.S. dairy prices looked very different
in the first half of 2026 than market analysts expected at the start
of the year. Class IV values, in particular, outperformed expectations
as supply constraints in the nonfat dry milk market and
healthy export demand pushed prices higher. But over the past
30 days, dairy pricing has shifted once again. Since the beginning
of June, third quarter Class III futures dropped roughly a dollar to
$16.50 per hundredweight, while Q3 Class IV prices fell about $2
to around $18.50. What’s driving the reversal in market direction?

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