All dairy pricing trends are based on USDA and CME data as of April 8, 2026.
Butter
The butter market remains under pressure, and continued to push lower. Elevated milk output year-to-date has led to butter churns running at capacity, with the USDA confirming February output rose 9.1% year-over-year, setting a record for the month. Recent export data shows that the U.S. exported the most butter in the month of January since 1994, but forward expectations don’t appear as optimistic, as export demand will likely face further headwinds, given the recent run-up in U.S. prices, elevated freight costs, the stronger U.S. dollar and growing inflation risk, according to analysts
Cheese
The CME block market continued to trade within a narrow range this week. The U.S. has seen several months of record export cheese sales, which has prevented domestic stockpiling, as raw milk availability and production rates remain high, according to analysts.
Shell Eggs
Urner Barry reported that all shell egg markets were down over the past week, although the rate of decline has slowed considerably. Strong production and increasing supplies have been the primary drivers, according to analysts. The USDA is reporting 39 confirmed cases of Highly Pathogenic Avian Influenza (HPAI) in commercial flocks over the last 30 days, impacting nearly 5M birds.
Milk & Cream
Domestic milk production continues to be strong, and milk component levels have increased. Butterfat content remains at record levels; January milk output jumped 3.2% year-over-year; and domestic dairy herds increased 14K head in January to 32-year highs, according to the USDA. Historically, cheap feed costs and increased beef-on-dairy breeding revenue have helped dairy farmer profitability, keeping slaughter rates below average, according to analysts.