All dairy pricing trends are based on USDA and CME data as of September 9, 2026.
Butter
The domestic butter market dipped last week before another round of buying interest stabilized the market. With prices now back near the lower end of their recent range, additional order interest continues to materialize, given that prices are the lowest they’ve been at this time of year since 2009, and the tendency for the market to rally into early Q4. Record milk production has kept abundant supplies of cream coming to market and butter churns continuing to run at record levels. The USDA reported that July butter production set another monthly record and was 5.5% higher than last year. Updated cold storage levels confirmed that stocks are declining seasonally and remain 3% lower than last year, but the seasonal drawdown from June was the smallest since 2020. Record domestic consumption and extremely competitive export pricing are working to clear the excess production coming to market as a result of the record churn pace seen so far this year, according to analysts.
Cheese
Blocks edged slightly lower over the past week, as milk supplies and cheese production continue to exceed domestic demand, according to analysts who note that strong export demand remains a key source of support.
Shell Eggs
Urner Barry reported that shell egg prices were relatively steady over the past week except for jumbo sizes, which fell, especially in West Coast markets. Although supplies are generally available, analysts point to several factors that could provide price support in the months ahead, including the potential for HPAI-related disruptions during the fall migration season and the seasonal increase in retail and foodservice demand as colder weather approaches.
Milk & Cream
Analysts expect large milk and cream supplies to continue, with the USDA confirming that fluid milk output jumped 2.2% year-over-year in July and that U.S. herds remain in expansion mode. When combined with the strong butterfat content in the milk, butterfat output was even more impressive in July and is keeping plenty of cream available for churns. The abundance of butterfat this season has continued to remove supply concerns for the upcoming fall baking season; however, demand is still robust on any price declines, according to analysts.