In this week’s Ag Smarter: The Dairy Feed, Kathleen Wolfley breaks down a nonfat dry milk market driven by tight US supply and steady domestic demand, keeping prices near recent highs. But beneath the surface, growing global milk production and competitive international pricing are beginning to pressure the outlook.

Butter inventory growth surprised to the upside, cheese markets remain balanced, and export competitiveness hangs in the balance as global dynamics evolve. Plus, Words from Wichita returns with an update on drought-driven feed volatility and rising forage costs.

Disclaimer: Futures trading involves risk and is not suitable for all investors. This content is for educational purposes only and is not a solicitation to buy or sell commodities.

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EVER.AG INSURANCE SERVICES IS A LICENSED INSURANCE AGENCY AND AN AFFILIATE OF EVER.AG. INFORMATION CONTAINED HEREIN IN THIS WEBSITE IS COMPILED FOR THE CONVENIENCE OF THE USER. INFORMATION IS OBTAINED FROM SOURCES BELIEVED TO BE RELIABLE AND IS FURNISHED WITHOUT RESPONSIBILITY FOR ACCURACY OR CONTENT. MARKET DATA IS SUBJECT TO CHANGE AT ANY TIME. Ever.Ag is a licensed insurance agency in the following states: AZ, CA, CO, CT, FL, GA, ID, IL, IN, IA, KS, KY, LA, ME, MD, MA, MI, MN, MO, MT, NE, NV, NH, NM, NY, NC, ND, OK, OH, OR, PA, RI, SD, TN, TX, UT, VT, VA, WA, WV, WI, WY. This agency is a equal opportunity provider.

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EVER.AG INSURANCE SERVICES IS A LICENSED INSURANCE AGENCY AND AN AFFILIATE OF EVER.AG. INFORMATION CONTAINED HEREIN IN THIS WEBSITE IS COMPILED FOR THE CONVENIENCE OF THE USER. INFORMATION IS OBTAINED FROM SOURCES BELIEVED TO BE RELIABLE AND IS FURNISHED WITHOUT RESPONSIBILITY FOR ACCURACY OR CONTENT. MARKET DATA IS SUBJECT TO CHANGE AT ANY TIME. Ever.Ag is a licensed insurance agency in the following states: AZ, CA, CO, CT, FL, GA, ID, IL, IN, IA, KS, KY, LA, ME, MD, MA, MI, MN, MO, MT, NE, NV, NH, NM, NY, NC, ND, OK, OH, OR, PA, RI, SD, TN, TX, UT, VT, VA, WA, WV, WI, WY. This agency is a equal opportunity provider. 

Global Dairy Trade prices dropped 2.7% in the latest auction, marking a second consecutive decline. While cheese held relatively steady and skim milk powder posted modest gains, sharp losses in butter and AMF weighed heavily on the market.

A major story continues to unfold in powder markets. US nonfat dry milk remains significantly elevated compared to global prices, raising questions about when and how convergence will occur. Meanwhile, shifting regional demand, low auction volumes, and rising global milk supply—especially out of Europe and New Zealand—are shaping near-term price direction.

Cody Koster and John Spainhour break down the latest GDT results, regional buying trends, and what to watch as global dairy markets search for balance.

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Disclaimer: TRADING FUTURES AND OPTIONS ON FUTURES INVOLVES SIGNIFICANT RISK OF LOSS AND MAY NOT BE SUITABLE FOR EVERYONE. THEREFORE, CAREFULLY CONSIDER WHETHER SUCH TRADING IS SUITABLE FOR YOU IN LIGHT OF YOUR FINANCIAL CONDITION. PAST RESULTS ARE NOT INDICATIVE OF FUTURE RESULTS. THE INFORMATION AND COMMENTS CONTAINED HEREIN ARE PROVIDED BY EVER.AG AS GENERAL COMMENTARY OF MARKET CONDITIONS. THIS INFORMATION SHOULD NOT BE INTERPRETED AS TRADING ADVICE OR RECOMMENDATION WITHOUT FURTHER DISCUSSION WITH YOUR EVER.AG ADVISOR. THIS IS A MATTER OF SOLICITATION.

EVER.AG INSURANCE SERVICES IS A LICENSED INSURANCE AGENCY AND AN AFFILIATE OF EVER.AG. INFORMATION CONTAINED HEREIN IN THIS WEBSITE IS COMPILED FOR THE CONVENIENCE OF THE USER. INFORMATION IS OBTAINED FROM SOURCES BELIEVED TO BE RELIABLE AND IS FURNISHED WITHOUT RESPONSIBILITY FOR ACCURACY OR CONTENT. MARKET DATA IS SUBJECT TO CHANGE AT ANY TIME. Ever.Ag is a licensed insurance agency in the following states: AZ, CA, CO, CT, FL, GA, ID, IL, IN, IA, KS, KY, LA, ME, MD, MA, MI, MN, MO, MT, NE, NV, NH, NM, NY, NC, ND, OK, OH, OR, PA, RI, SD, TN, TX, UT, VT, VA, WA, WV, WI, WY.

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The following music was used for this media project:

Music: Funky Intro 29 by TaigaSoundProd

Free download: https://filmmusic.io/song/9520-funky-intro-29

License (CC BY 4.0): https://filmmusic.io/standard-license

Artist website: https://linktr.ee/taigasoundprod

© Ever.Ag 2026, confidential and proprietary.

This week on The Dairy Feed, strong momentum in nonfat dry milk continues to lift Class IV prices as US supply tightens against global availability. Meanwhile, corn markets find support from weather concerns, elevated wheat prices, and steady export demand. With planting off to a fast start and volatility building across feed inputs, the message is clear: stay alert, stay informed, and be ready to act.

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EVER.AG INSURANCE SERVICES IS A LICENSED INSURANCE AGENCY AND AN AFFILIATE OF EVER.AG. INFORMATION CONTAINED HEREIN IN THIS WEBSITE IS COMPILED FOR THE CONVENIENCE OF THE USER. INFORMATION IS OBTAINED FROM SOURCES BELIEVED TO BE RELIABLE AND IS FURNISHED WITHOUT RESPONSIBILITY FOR ACCURACY OR CONTENT. MARKET DATA IS SUBJECT TO CHANGE AT ANY TIME. Ever.Ag is a licensed insurance agency in the following states: AZ, CA, CO, CT, FL, GA, ID, IL, IN, IA, KS, KY, LA, ME, MD, MA, MI, MN, MO, MT, NE, NV, NH, NM, NY, NC, ND, OK, OH, OR, PA, RI, SD, TN, TX, UT, VT, VA, WA, WV, WI, WY. This agency is a equal opportunity provider. 

Dairy markets are flashing green as nonfat dry milk hits new highs, but how long can the rally last? Jim and Kathleen break down tightening US powder supply, rising Class IV pricing, and whether export demand can keep up with elevated price levels.

In grain and feed, wheat continues to lead the charge amid worsening Plains conditions, offering support to corn as planting gets underway across the Midwest. Meanwhile, volatile energy markets and global tensions remain a key wildcard—impacting everything from input costs to consumer demand.

With gas prices pressuring household budgets, early signals suggest dining demand could soften—raising new questions for dairy consumption heading into summer.

Plus, Jake delivers this week’s Words from Wichita, covering planting progress, soybean meal strength, and key risk management opportunities as fundamentals begin to take back control.

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EVER.AG INSURANCE SERVICES IS A LICENSED INSURANCE AGENCY AND AN AFFILIATE OF EVER.AG. INFORMATION CONTAINED HEREIN IN THIS WEBSITE IS COMPILED FOR THE CONVENIENCE OF THE USER. INFORMATION IS OBTAINED FROM SOURCES BELIEVED TO BE RELIABLE AND IS FURNISHED WITHOUT RESPONSIBILITY FOR ACCURACY OR CONTENT. MARKET DATA IS SUBJECT TO CHANGE AT ANY TIME. Ever.Ag is a licensed insurance agency in the following states: AZ, CA, CO, CT, FL, GA, ID, IL, IN, IA, KS, KY, LA, ME, MD, MA, MI, MN, MO, MT, NE, NV, NH, NM, NY, NC, ND, OK, OH, OR, PA, RI, SD, TN, TX, UT, VT, VA, WA, WV, WI, WY. This agency is a equal opportunity provider. 

The latest Global Dairy Trade auction delivered a sharp 3.4% decline, led by significant weakness in butterfat and continued softness across key dairy categories. In this episode, Cody Koster and John Spainhour break down what’s driving the market—from falling fat prices and declining cheese values to a complex global pricing divide between the US, Europe and New Zealand.

Skim milk powder tells a deeper story, with surprising strength in New Zealand contrasting sharply with weaker European pricing, creating a growing global imbalance. Meanwhile, China’s reduced participation and increased buying from Southeast Asia and Mexico are reshaping trade flows in real time.

With geopolitical tensions impacting shipping routes and global milk production remaining strong, the market faces a critical question: can global demand keep up?

Tune in for a clear, market-focused breakdown of what this GDT means now—and what to watch next.

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Disclaimer: TRADING FUTURES AND OPTIONS ON FUTURES INVOLVES SIGNIFICANT RISK OF LOSS AND MAY NOT BE SUITABLE FOR EVERYONE. THEREFORE, CAREFULLY CONSIDER WHETHER SUCH TRADING IS SUITABLE FOR YOU IN LIGHT OF YOUR FINANCIAL CONDITION. PAST RESULTS ARE NOT INDICATIVE OF FUTURE RESULTS. THE INFORMATION AND COMMENTS CONTAINED HEREIN ARE PROVIDED BY EVER.AG AS GENERAL COMMENTARY OF MARKET CONDITIONS. THIS INFORMATION SHOULD NOT BE INTERPRETED AS TRADING ADVICE OR RECOMMENDATION WITHOUT FURTHER DISCUSSION WITH YOUR EVER.AG ADVISOR. THIS IS A MATTER OF SOLICITATION.

EVER.AG INSURANCE SERVICES IS A LICENSED INSURANCE AGENCY AND AN AFFILIATE OF EVER.AG. INFORMATION CONTAINED HEREIN IN THIS WEBSITE IS COMPILED FOR THE CONVENIENCE OF THE USER. INFORMATION IS OBTAINED FROM SOURCES BELIEVED TO BE RELIABLE AND IS FURNISHED WITHOUT RESPONSIBILITY FOR ACCURACY OR CONTENT. MARKET DATA IS SUBJECT TO CHANGE AT ANY TIME. Ever.Ag is a licensed insurance agency in the following states: AZ, CA, CO, CT, FL, GA, ID, IL, IN, IA, KS, KY, LA, ME, MD, MA, MI, MN, MO, MT, NE, NV, NH, NM, NY, NC, ND, OK, OH, OR, PA, RI, SD, TN, TX, UT, VT, VA, WA, WV, WI, WY.

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The following music was used for this media project:

Music: Funky Intro 29 by TaigaSoundProd

Free download: https://filmmusic.io/song/9520-funky-intro-29

License (CC BY 4.0): https://filmmusic.io/standard-license

Artist website: https://linktr.ee/taigasoundprod

© Ever.Ag 2026, confidential and proprietary.

In this episode of Ag Smarter: The Dairy Feed, we break down a busy start to April across dairy, grain and cattle markets. Record-breaking US cheese exports signal growing global demand—especially across Latin America—while butter shipments and shifting trade dynamics add new uncertainty.

We also dig into rising nonfat prices versus hesitant futures markets ahead of the next GDT auction, and what global volatility could mean for buyer behavior. Meanwhile, cattle prices continue their impressive run, supporting stronger farm margins at the dairy level and fueling expectations for milk supply growth in 2026.

Plus, Jake Kingsley joins with Words from Wichita to share on-the-ground insight into wheat conditions, a feed outlook and early planting season signals.

If you’re looking to stay ahead of market shifts and understand what they mean for your operation, this episode delivers the clarity you need.

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EVER.AG INSURANCE SERVICES IS A LICENSED INSURANCE AGENCY AND AN AFFILIATE OF EVER.AG. INFORMATION CONTAINED HEREIN IN THIS WEBSITE IS COMPILED FOR THE CONVENIENCE OF THE USER. INFORMATION IS OBTAINED FROM SOURCES BELIEVED TO BE RELIABLE AND IS FURNISHED WITHOUT RESPONSIBILITY FOR ACCURACY OR CONTENT. MARKET DATA IS SUBJECT TO CHANGE AT ANY TIME. Ever.Ag is a licensed insurance agency in the following states: AZ, CA, CO, CT, FL, GA, ID, IL, IN, IA, KS, KY, LA, ME, MD, MA, MI, MN, MO, MT, NE, NV, NH, NM, NY, NC, ND, OK, OH, OR, PA, RI, SD, TN, TX, UT, VT, VA, WA, WV, WI, WY. This agency is a equal opportunity provider. 

In this episode of Ag Smarter: The Dairy Feed, Jim Matthews and Kathleen Wolfley break down the latest USDA planting intentions and quarterly stocks reports—and what they signal for the months ahead. Corn acres came in higher than expected, but markets are still searching for direction as global tensions, energy volatility, and fertilizer uncertainty cloud the outlook.

From early planting progress in the Midwest to shifting dynamics in crude oil and input costs, the conversation highlights the key forces shaping grain markets right now—and how those ripple into dairy margins.

Plus, a quick look at dairy fundamentals: steady cheese, firm powder, and a timely reminder for producers to think about risk management while favorable pricing opportunities are still on the table.

Clear, timely insight on what’s moving, why it matters, and what it means for your operation.

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EVER.AG INSURANCE SERVICES IS A LICENSED INSURANCE AGENCY AND AN AFFILIATE OF EVER.AG. INFORMATION CONTAINED HEREIN IN THIS WEBSITE IS COMPILED FOR THE CONVENIENCE OF THE USER. INFORMATION IS OBTAINED FROM SOURCES BELIEVED TO BE RELIABLE AND IS FURNISHED WITHOUT RESPONSIBILITY FOR ACCURACY OR CONTENT. MARKET DATA IS SUBJECT TO CHANGE AT ANY TIME. Ever.Ag is a licensed insurance agency in the following states: AZ, CA, CO, CT, FL, GA, ID, IL, IN, IA, KS, KY, LA, ME, MD, MA, MI, MN, MO, MT, NE, NV, NH, NM, NY, NC, ND, OK, OH, OR, PA, RI, SD, TN, TX, UT, VT, VA, WA, WV, WI, WY. This agency is a equal opportunity provider. 

Market volatility remains front and center as dairy and feed markets navigate a mix of seasonal trends, global uncertainty, and shifting input costs. In this episode of Ag Smarter – The Dairy Feed, the team breaks down a “Goldilocks” milk production report, what to watch as we head into Q2 pricing, and why fertilizer costs could play a major role in planting decisions. Plus, Jake Kingsley delivers Words from Wichita, highlighting recent swings in corn and soybean meal, geopolitical impacts on feed markets, and key buying opportunities for producers. Stay ahead of what’s moving—and what it means for your operation. 

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EVER.AG INSURANCE SERVICES IS A LICENSED INSURANCE AGENCY AND AN AFFILIATE OF EVER.AG. INFORMATION CONTAINED HEREIN IN THIS WEBSITE IS COMPILED FOR THE CONVENIENCE OF THE USER. INFORMATION IS OBTAINED FROM SOURCES BELIEVED TO BE RELIABLE AND IS FURNISHED WITHOUT RESPONSIBILITY FOR ACCURACY OR CONTENT. MARKET DATA IS SUBJECT TO CHANGE AT ANY TIME. Ever.Ag is a licensed insurance agency in the following states: AZ, CA, CO, CT, FL, GA, ID, IL, IN, IA, KS, KY, LA, ME, MD, MA, MI, MN, MO, MT, NE, NV, NH, NM, NY, NC, ND, OK, OH, OR, PA, RI, SD, TN, TX, UT, VT, VA, WA, WV, WI, WY. This agency is a equal opportunity provider. 

The latest Global Dairy Trade (GDT) auction came in essentially unchanged after five consecutive gains, but the underlying story tells a more nuanced tale. Skim milk powder jumped more than 5%, butter rose over 2% and mozzarella edged higher, while whole milk powder fell about 4%, pulling the overall index flat. In this week’s GDT Tuesday discussion, Cody Koster and Brian Fletcher break down the key drivers behind the results—including Mexico’s sharp increase in buying activity, shifting regional demand, and continued price divergence between global suppliers.

With US nonfat dry milk trading well above competing global supplies, buyers like Mexico appear to be sourcing cheaper alternatives through GDT. They also examine subdued buying from North Asia, the impact of a major dairy ingredients conference in China, and why US cheese may remain highly competitive in export markets as European prices continue to run higher.

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Disclaimer: TRADING FUTURES AND OPTIONS ON FUTURES INVOLVES SIGNIFICANT RISK OF LOSS AND MAY NOT BE SUITABLE FOR EVERYONE. THEREFORE, CAREFULLY CONSIDER WHETHER SUCH TRADING IS SUITABLE FOR YOU IN LIGHT OF YOUR FINANCIAL CONDITION. PAST RESULTS ARE NOT INDICATIVE OF FUTURE RESULTS. THE INFORMATION AND COMMENTS CONTAINED HEREIN ARE PROVIDED BY EVER.AG AS GENERAL COMMENTARY OF MARKET CONDITIONS. THIS INFORMATION SHOULD NOT BE INTERPRETED AS TRADING ADVICE OR RECOMMENDATION WITHOUT FURTHER DISCUSSION WITH YOUR EVER.AG ADVISOR. THIS IS A MATTER OF SOLICITATION.

EVER.AG INSURANCE SERVICES IS A LICENSED INSURANCE AGENCY AND AN AFFILIATE OF EVER.AG. INFORMATION CONTAINED HEREIN IN THIS WEBSITE IS COMPILED FOR THE CONVENIENCE OF THE USER. INFORMATION IS OBTAINED FROM SOURCES BELIEVED TO BE RELIABLE AND IS FURNISHED WITHOUT RESPONSIBILITY FOR ACCURACY OR CONTENT. MARKET DATA IS SUBJECT TO CHANGE AT ANY TIME. Ever.Ag is a licensed insurance agency in the following states: AZ, CA, CO, CT, FL, GA, ID, IL, IN, IA, KS, KY, LA, ME, MD, MA, MI, MN, MO, MT, NE, NV, NH, NM, NY, NC, ND, OK, OH, OR, PA, RI, SD, TN, TX, UT, VT, VA, WA, WV, WI, WY.

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The following music was used for this media project:

Music: Funky Intro 29 by TaigaSoundProd

Free download: https://filmmusic.io/song/9520-funky-intro-29

License (CC BY 4.0): https://filmmusic.io/standard-license

Artist website: https://linktr.ee/taigasoundprod

© Ever.Ag 2026, confidential and proprietary.

Grain and feed markets saw sharp volatility this week as soybean futures and soybean oil closed limit down while corn prices also pulled back. In this episode of Ag Smarter – The Dairy Feed, Kathleen Wolfley and Jim Matthews break down what the latest market moves mean for dairy producers and feed costs.

The conversation covers strong US dairy export demand—especially for cheese and butterfat—along with rising energy prices, fertilizer concerns, and how a strengthening US dollar could create headwinds for dairy trade. Jake Kingsley also joins with this week’s Words from Wichita, explaining the recent market whiplash, farmer selling during the rally, and what it means for basis levels and feed buying strategies.

Stay ahead of the markets with weekly insights on dairy, grain, and feed trends shaping producer decisions.

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EVER.AG INSURANCE SERVICES IS A LICENSED INSURANCE AGENCY AND AN AFFILIATE OF EVER.AG. INFORMATION CONTAINED HEREIN IN THIS WEBSITE IS COMPILED FOR THE CONVENIENCE OF THE USER. INFORMATION IS OBTAINED FROM SOURCES BELIEVED TO BE RELIABLE AND IS FURNISHED WITHOUT RESPONSIBILITY FOR ACCURACY OR CONTENT. MARKET DATA IS SUBJECT TO CHANGE AT ANY TIME. Ever.Ag is a licensed insurance agency in the following states: AZ, CA, CO, CT, FL, GA, ID, IL, IN, IA, KS, KY, LA, ME, MD, MA, MI, MN, MO, MT, NE, NV, NH, NM, NY, NC, ND, OK, OH, OR, PA, RI, SD, TN, TX, UT, VT, VA, WA, WV, WI, WY. This agency is a equal opportunity provider.