Producer Pay Forecast: September 23, 2026

CME spot markets have continued to diverge. Since the beginning of September:

• Blocks have fallen more than $0.11, landing at $1.3575/lb. (9/23)
• Butter continues trading in the mid $1.30's, coming in at $1.3650/lb. (9/23)
• Nonfat dry milk has gained nearly $0.40 since September 1st, coming in at $2.1500/lb. (9/23)
• Dry whey has continued to tick upward, reaching $0.7975/lb. (9/23)

U.S. milk production increased 1.7% year-over-year (YOY) in August while milk per cow was slightly down over the same period. There were reportedly 167,000 more cows in the milking herd in August (YOY).

Please feel free to reach out to Allee at acoombe@uncdairy.com if you have any questions or would like to discuss anything further!

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