MRV BLOG: MRV Market Commentary November 8, 2025

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:

Butter prices continue to decline month-over-month, driven by a persistent oversupply of cream and butter amid strong U.S. milk production and elevated butterfat levels, outpacing steady but insufficient domestic and export demand.

• Key Driver: Oversupply of cream and churned butter from record-high milkfat content and expanded production.
• Demand: Strong in retail/food service and exports, but not enough to clear excess inventory.
• MRV Outlook: Prices may stabilize or rise modestly into December due to seasonal surge, but a higher 2025 milk output forecasts subdued averages. In 2026 MRV expects butter to rebound from its current multi-year lows with Q1 and Q2 forecasted to stabilize around $2.35 before softening again.

Cheese prices rose because buyers are stocking up ahead of the holidays, which increases demand. At the same time, some regions are experiencing tighter milk and Cheddar supplies, limiting how much cheese can be produced. Strong export interest added another layer of support, pulling more product out of the domestic market. Together, these factors lifted the  block price.

This information cited by MRV Marketing, LLC 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 MRV Marketing, LLC 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 and USDA.