Sep 1, 2026 · 11 min · 7 segments
Cody Koster and John Spainhour break down the latest moves in milk powder, butter, AMF and cheese prices, along with global buying trends and China’s participation.
Cody KosterHostAs you pointed out there, let's start out with the big winner on the day, if you will.
But still, on its own, nothing to sneeze at there, right? But that puts skim milk powder on the international market at about $1.68.
The U.S. nonfat market responded today by moving up another three cents to $1.90.
This is the one where if we look at reality versus expectations in skim milk powder, we'd say probably a little bit shy of expectations, but still a good number, or close at least.
When we come to whole milk powder, though, reality and expectations have certainly diverged.
I think some of the futures in whole milk powder were looking for an overpriced 11% gain.
And I guess I would just say we haven't seen expectations versus reality diverge this much in quite a long time.
So on the SGX futures, we're really expecting a lot more and we didn't get it.
As we move to the fat side, AMF down 1.3, coming in about $2.68. That's just another little inch lower there for AMF.
I would just say on the butter side, this is the two, three, four, five, six, six auction in a row of butter prices moving lower.
The CME butter price today, responded maybe not responded but continued its move lower and move 5.75 cents lower to 139 and a quarter and then finally moving over to the cheese side i think this is where things get just a little bit We've been discussing this in the office quite a bit and in our writings.
That moved up quite a bit over the last few weeks, but this week paused at 0.2% higher, coming in at about $1.93.
As you pointed out there, let's start out with the big winner on the day, if you will.
But still, on its own, nothing to sneeze at there, right? But that puts skim milk powder on the international market at about $1.68.
The U.S. nonfat market responded today by moving up another three cents to $1.90.
This is the one where if we look at reality versus expectations in skim milk powder, we'd say probably a little bit shy of expectations, but still a good number, or close at least.
When we come to whole milk powder, though, reality and expectations have certainly diverged.
I think some of the futures in whole milk powder were looking for an overpriced 11% gain.
And I guess I would just say we haven't seen expectations versus reality diverge this much in quite a long time.
So on the SGX futures, we're really expecting a lot more and we didn't get it.
As we move to the fat side, AMF down 1.3, coming in about $2.68. That's just another little inch lower there for AMF.
I would just say on the butter side, this is the two, three, four, five, six, six auction in a row of butter prices moving lower.
The CME butter price today, responded maybe not responded but continued its move lower and move 5.75 cents lower to 139 and a quarter and then finally moving over to the cheese side i think this is where things get just a little bit We've been discussing this in the office quite a bit and in our writings.
That moved up quite a bit over the last few weeks, but this week paused at 0.2% higher, coming in at about $1.93.
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