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US Dairy Market Outlook Q4 2026: American Dairy Industry Report
NFDM climbs on the CME Spot Call while butter and cheese fall on supply. See what Q4 holds.
- Priced off the Spot Call: Butter, cheese blocks, NFDM and dry whey on the CME Spot Call, the prices the American trade actually transacts against.
- Bullish and bearish drivers: Milk protein demand outrunning available product against growing milk output, a structural butter surplus and rising cheese stocks.
- Quarter by quarter to 2027: Where each benchmark goes through Q4 and into 2027, with the Vesper outlook and our AI forecast side by side.
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What you'll find in this report
Priced off the Spot Call
Butter, cheese blocks, NFDM and dry whey on the CME Spot Call, the prices the American trade actually transacts against.
Bullish and bearish drivers
Milk protein demand outrunning available product against growing milk output, a structural butter surplus and rising cheese stocks.
Quarter by quarter to 2027
Where each benchmark goes through Q4 and into 2027, with the Vesper outlook and our AI forecast side by side.
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About this report
Who is this report for?
Procurement managers, buyers, and category leads at food and beverage companies who need forward-looking market intelligence to plan purchases and manage price risk.
What format will I receive?
The report is delivered as a PDF to the email address you provide. You will receive it within minutes of submitting the form.
How often are these reports updated?
Market Outlooks are published every quarter; the mid-year report is the edition that opens Q3. Recap and Forecast reports are published annually. Buying Guides are updated as market conditions change significantly.
Is it really free?
Yes. Vesper publishes these reports to help procurement teams stay ahead of the market. No credit card, no trial sign-up required.
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