The U.S. dairy markets rallied in the lead up to the big IDFA conference. Dustin Winston and I were both at the conference and the sentiment was less bearish than expected but we did have a few bullish take-aways.

Dairy buyers and sellers from around the world gathered at Gulfood in Dubai last week. Vipin Kumar, StoneX Vice President of Middle East Dairy was there and shares what he heard.

Lumpy Skin Disease continues to spread in Europe, Bluetongue was recently found in Northern Ireland for the first time and bird flu was found in dairy cows for the first time in Wisconsin. Could these diseases suddenly slow milk production growth faster than the market is expecting?

We've seen sharp drops in dairy prices, is there any reason to be bullish right now? When will the market start to turn higher?

Market talk at Gulf Foods, one of the largest global food trade fairs, was mostly bearish, centered on when is the dairy market going to bottom out.

U.S. dairy farmers have been earning more and more of their income from the sale of calves and slaughter cows over the past 3 years. Gavin McPherson joins me to talk about what drove the cattle market to record high levels and what he makes of the 10% selloff we saw in the second half of October.

Dustin Winston was in Australia and Singapore and attended the SGX-NZX conference and talks about what he heard about milk production for New Zealand and Australia as well as Chinese demand.

StoneX has announced a new partnership to add dairy prices reported by Expana to StoneX Plus and launch OTC swaps that will settle to some of those prices. With demand for WPC and fat filled milk powder (FFMP) the industry has been looking for ways to manage the price risk with these products.

We held our annual EU outlook conference in Dublin Ireland last week and the sentiment was very bearish for the European dairy market. The supply side has received a lot of attention, but demand also seems to be softening. I talk to John Lancaster about the conference and supply and demand dynamics.

Summary: The CME spot butter price fell 17% during August hitting the lowest levels of 2025. I talk with Dave Kurzawski about the declines in butter and whether cheese prices are next.