Dairy Commodity Prices
Weekly CME dairy commodity prices from USDA AMS Dairy Market News. 746 weeks of historical data for cheese, butter, whey, and NDM.
5-Year Price History
All dairy commodities over the selected range.
Line chart showing price history for cheese blocks, cheese barrels, butter, dry whey, and nonfat dry milk.
Cheese Prices — Blocks vs Barrels
12-week comparison of the two CME cheese contracts.
Butter & NDM — Class IV Components
The two commodities that drive Class IV milk pricing.
How Commodity Prices Affect Your Milk Check
Dairy commodity prices directly determine the federal milk marketing order class prices that your cooperative uses to calculate your milk check.
Data source: USDA AMS Dairy Market News
Class III Formula (Cheese-Based)
Class III price = (Cheese price × 9.03) + (Whey price × 7.12) − $1.4704. This means every $0.01/lb change in cheese blocks moves your Class III milk price by about $0.09/cwt. Cheese is by far the dominant driver.
Class IV Formula (Butter-Based)
Class IV price = (Butter price × 2.2) + (NDM price × 8.99) − $0.9973. Butter movements have a larger per-unit impact on Class IV than NDM due to the higher multiplier.
What the Cheese-Butter Spread Tells You
When cheese trades above butter (on a $/lb basis), it signals strong domestic cheese demand and exports. When butter exceeds cheese, it signals tight butter supplies — often during holiday baking season. The spread shifts seasonally and is a key market indicator for dairy marketers.
Historical Commodity Prices
Weekly price history (newest first).
| Week | Cheese Blocks | Cheese Barrels | Butter | Dry Whey | NDM |
|---|---|---|---|---|---|
| Jun 22, 2026 | $1.53 | $1.82 | $1.57 | $0.64 | $1.84 |
| Jun 15, 2026 | $1.54 | $1.80 | $1.64 | $0.65 | $1.92 |
| Jun 8, 2026 | $1.58 | $1.81 | $1.66 | $0.64 | $1.97 |
| Jun 1, 2026 | $1.61 | $1.80 | $1.61 | $0.64 | $1.97 |
| May 25, 2026 | $1.65 | $1.79 | $1.60 | $0.64 | $2.12 |
| May 18, 2026 | $1.67 | $1.78 | $1.62 | $0.64 | $2.13 |
| May 11, 2026 | $1.67 | $1.79 | $1.62 | $0.64 | $2.09 |
| May 4, 2026 | $1.66 | $1.80 | $1.68 | $0.64 | $2.02 |
| Apr 27, 2026 | $1.65 | $1.81 | $1.72 | $0.64 | $2.02 |
| Apr 20, 2026 | $1.65 | $1.80 | $1.75 | $0.63 | $1.87 |
| Apr 13, 2026 | $1.66 | $1.79 | $1.76 | $0.65 | $1.83 |
| Apr 6, 2026 | $1.65 | $1.78 | $1.79 | $0.64 | $1.72 |
| Mar 30, 2026 | $1.62 | $1.77 | $1.82 | $0.65 | $1.69 |
| Mar 23, 2026 | $1.61 | $1.76 | $1.90 | $0.65 | $1.62 |
| Mar 16, 2026 | $1.59 | $1.77 | $1.89 | $0.67 | $1.59 |
| Mar 9, 2026 | $1.56 | $1.78 | $1.94 | $0.68 | $1.55 |
| Mar 2, 2026 | $1.50 | $1.79 | $1.86 | $0.69 | $1.54 |
| Feb 23, 2026 | $1.48 | $1.80 | $1.82 | $0.69 | $1.45 |
| Feb 16, 2026 | $1.44 | $1.79 | $1.67 | $0.69 | $1.42 |
| Feb 9, 2026 | $1.42 | $1.78 | $1.66 | $0.70 | $1.38 |
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Related Resources
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Frequently Asked Questions
What are dairy commodity prices?
Dairy commodity prices are the prices at which cheese, butter, whey, and nonfat dry milk (NDM) are traded on the Chicago Mercantile Exchange (CME). These prices directly determine how much dairy farmers are paid through the federal milk marketing order system.
How do commodity prices affect my milk check?
Class III milk price is based on cheese, whey, and NDM prices. Class IV is based on butter and NDM. Your cooperative's blend price depends on how your milk is allocated across these classes. Higher commodity prices generally mean higher milk prices for farmers.
Where does this data come from?
All commodity prices are sourced from the USDA Agricultural Marketing Service (AMS) Dairy Market News, which publishes weekly negotiated prices for CME-traded dairy commodities.
How often are commodity prices updated?
We update our database weekly, coinciding with USDA AMS Dairy Market News releases. CME trades daily, but the USDA-reported weekly average is what determines federal milk marketing order prices.
What is the difference between cheese blocks and barrels?
Cheese blocks (40 lb) are larger cheddar forms typically used for retail slicing. Cheese barrels (500 lb) are used for industrial cheese production. Both trade on the CME and contribute to the Class III milk price formula.
What is the Class III vs Class IV spread?
The spread between Class III (cheese-based) and Class IV (butter/powder-based) indicates which commodity complex is driving milk prices. A positive spread means cheese demand is stronger; a negative spread means butter markets are tighter.
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