MRV BLOG: MRV Market Commentary May 21, 2026

Check-in here to see the MRV commentary on what we have seen and are seeing in the dairy market.  These insights have been developed from MRV’s proprietary data, industry experience, and industry reports referenced below. Here’s our latest:

Dairy markets moved higher from May into June, driven primarily by stronger skim milk values and continued strength in nonfat dry milk markets. Tighter powder availability and steady export demand supported broader Class IV fundamentals throughout the month, helping push overall dairy pricing upward despite some softness in butter markets.

Class II, June pricing increased versus May as the stronger skim component more than offset modestly weaker butterfat values. The softer butter market had a limited impact overall, while the continued strength in skim pricing resulted in higher Class II costs heading into June.

Class I also moved sharply higher month over month, leading to another double digit increase per gallon of fluid milk. The rise was largely tied to the same improvement in skim milk and powder markets reflected in the latest sales report, with stronger demand and tighter milk solids availability continuing to support higher fluid milk costs.

WHAT MRV SEES:

Looking ahead, July pricing currently appears likely to remain firm. Nonfat dry milk markets continue to show underlying support from export demand and tighter powder availability, which should keep skim values elevated heading into July pricing. Butter markets remain the biggest variable, as softer cream conditions and seasonal milk production could continue to pressure butterfat values into early summer. Overall, the market tone still leans bullish for fluid milk pricing, but likely with smaller month over month movement compared to the sharp increases seen recently.

This information cited by Global Dairy Services, Inc. is for informational and reference purposes only. It is not intended to be a conclusive statement of future market conditions. It is not legal advice or legal documents. The data used in these documents contains references to information created and maintained by other organizations or agencies. Please note that Global Dairy Services, Inc. does not control and cannot guarantee the accuracy of these outside materials.

Statistical data referenced here is gleaned from reports by MRV Proprietary Data, CME Group, Dairy Herd Management, USDEC, FRED and USDA.