US Dairy Digest

Nov. 28, 2025 - Supply surges as market awaits key inventory data

This week’s US dairy update breaks down the latest production figures that pushed butter and cheese prices to year-low levels, explores why milk supply keeps climbing despite softer margins, and explains how shifting USDA report schedules are leaving the market temporarily flying blind. We also look at slowing cheese growth, strong whey protein demand, tight heifer supplies, and Fonterra’s revised milk price outlook. A clear, conversational rundown of the forces shaping the dairy market heading into December. For the full market analysis and real-time dairy prices and forecasts, go to vespertool.com. See you next week!

Nov. 14, 2025 – US dairy production surges as exports tighten

This week’s US dairy update explores how a shift in exchange rates briefly boosted butter and N-F-D-M, while cheese markets face renewed pressure from lower European prices. Stronger-than-usual milk production in August and September—driven by a larger herd and low culling—adds weight to domestic markets. Export opportunities that supported the US earlier this year are narrowing as Asian buyers pivot back to Europe, leaving US cheese stocks harder to move. The episode also reviews recent trade developments across Southeast Asia and evolving global flows influenced by US–China tensions. For the full market analysis and real-time dairy prices and forecasts, go to vespertool.com. See you next week!

Oct. 24, 2025 – Global milk wave pressures US dairy

This week’s US Dairy Market Update highlights continued oversupply amid a government data gap, with milk production estimated up 3% year-on-year. European mozzarella prices have plunged 33 cents below US levels, reshaping export competitiveness. South Korea’s cheese imports are surging, US whey retains leadership though Germany now tops China’s WPC 80 plus market, and farmer proposals to reduce herd size underscore tightening margins across the dairy sector. Thanks for listening. For the full market analysis and real-time dairy prices and forecasts, go to vespertool.com. See you next week!

Oct. 10, 2025 - Butter falls, whey rises: U.S. Dairy faces a split market

Butter prices tumble again as U.S. milkfat oversupply keeps pressure on global markets, while whey proteins continue to defy the downturn with record-high prices. In this week’s Vesper U.S. Dairy Digest, we break down the contrasting trends across the dairy complex, explain how the N-A-S-S data blackout affects market visibility, and share Vesper’s latest butter production estimates. For the full market analysis and real-time US dairy prices, visit vespertool.com.

Oct. 3, 2025 - Butter and cheese rebound, but fundamentals stay bearish

U.S. dairy markets turned “green” this week as butter and cheese prices rebounded strongly. In this episode, we break down Jasper Endlich’s latest market analysis, from cold storage trends and export activity to why long-term fundamentals remain bearish. Plus, a closer look at China’s fading dairy demand and its impact on global prices. For the full market analysis and real-time US dairy prices, visit vespertool.com.