Summary: We've seen OTC cheese and butter prices for the fourth quarter drop about 10% from their recent highs as milk production in Europe, and elsewhere, turns out better than expected and demand may be softening. Fearghal McCabe talks about the EU market and whether we'll see prices rebound as buyers come back from summer holidays.

GDT results last week were mixed with AMF prices up but butter prices down and WMP prices counter seasonally increasing. Nate Donnay talks with Niall Alsafi about GDT and what is driving the divergent price action.

We can now add Lumpy Skin Disease (LSD) to the list of diseases impacting dairy cows in Europe along with Bluetongue and Foot and Mouth (FMD). John Lancaster shares details on the discovery of LSD in late June, the spread since then and what we should expect going forward.

CME spot cheese and butter prices have rallied almost 40 cents a pound and 30 cents a pound from their recent lows to their peaks last week. Dave Kurzawski joins me to talk about the market move and what is driving it.

We've seen a significant rally in U.S. spot cheese and future prices and some significant strength in deferred EU OTC prices. Desmond Strelzow joins me to talk about the EU market and I talk through the drivers behind the U.S. strength and where I think the market is going.

EEX butter futures have been trending a little lower, but every time they dip, buyers seem to show up. We've seen a similar pattern for cheese but EEX SMP has been on a straight trend lower. I talk to Fearghal McCabe about the EU markets and whether they can stay at a big premium to the U.S.

YiFan Li comes on to talk about the strength we've seen in GDT/SGX prices and NBS data suggesting milk production in China was up 1.7% during the first quarter.

This week I talk to Dave Kurzawski about the U.S. spot and futures markets and the impact that tariffs or threats of tariffs have had.

During March there were 2 new cases of FMD in Hungary and 5 new ones in Slovakia. Florian Hildebrand joins me to discuss the spread of FDM and what we know about the impacts on the dairy markets.

A second case of foot and mouth disease has been discovered in Europe and John Lancaster discusses what he saw and heard around weather and milk production in New Zealand and a partnership we have to bring a focus on margins and hedging to NZ dairy farmers.