by Andrew P. Griffith, Livestock Marketing Specialist
April 30, 2026
Milk Production
Milk production in the 24 major states during March totaled 19.6 billion pounds, up 2.4 percent from March 2025. Production per cow for March averaged 2,133 pounds. The number of milk cows was 9.18 million head, 8,000 more than February 2026. February production was revised down 0.1 percent from preliminary estimates. For milk production in the top 5 producing states, California increased 0.8% from March a year ago; Wisconsin up 2.6%; Texas up 4.7%; Idaho up 3.4%; and New York up 2.1%. Other states with large production increases were Kansas (25.4%), South Dakota (6.9%) and Utah (5.9%). States with large production decreases were Washington (-5.8%) and New Mexico (-3.2%).
Milk Price and Utilization
he Southeast Uniform milk price for March was $20.95, up $0.81 from February and $2.23 lower than March 2025. The Appalachian Uniform milk price was $20.64 up $0.95 from February and $1.96 lower than March 2025. March’s Class III price was $16.16, up $1.22 from February, and $2.46 lower than March a year ago. The Class IV price was up $2.65 at $18.94, and $0.73 higher than March 2025. The Class I Mover price for May is $20.15, up $1.49 from April. The milk/feed ratio for March was 2.25, up 0.08 from February.
Southeast Class I utilization was 72.15%, down 3.98% from February and 3.42% higher than March a year ago. The Uniform butterfat price was $1.8893 up 24.12 cents from last month and 83.94 cents lower than March 2025. The March Class I price was $21.27. April Class I price is $24.46. Appalachian Class I utilization was 70.09%, down 3.64% from February, and 3.67% higher than March a year ago. The Uniform butterfat price was $1.9116, up 24.56 cents from last month and 81.94 cents lower than March 2025. The March Class I price was $21.07.
Cheese Production and Stocks
Total cheese production in February was 1.16 billion pounds, up 3.9% from a year ago while butter production was up 9.1% to 221 million pounds. Nonfat dry milk (NDM) production was up 8.7% compared to a year ago with total production at 159 million pounds while skim milk powder (SMP) production was down 8.3% to 28.2 million pounds compared to a year ago. Total cheese stocks at the end of March were down 2% from March a year ago and up 1% from the previous month while butter stocks were up 13% from last month and down 11% from a year ago.
Cow Slaughter
Dairy cow slaughter in March was 239,200 head, down 1,900 head from February and 21,300 head more than March 2025.
Southeast Federal Order Prices
| Month | Uniform Price $/cwt. | Class I Price $/cwt. | Class III Price $/cwt. | Class IV Price $/cwt. | Class I % Utilization | Butterfat Price $/lb. |
|---|---|---|---|---|---|---|
| Oct 25 | 21.91 | 23.84 | 16.91 | 14.30 | 79.82 | 2.1222 |
| Nov 25 | 20.82 | 22.55 | 17.18 | 13.89 | 75.99 | 1.7975 |
| Dec 25 | 21.89 | 24.01 | 15.86 | 13.64 | 75.94 | 1.6532 |
| Jan 26 | 20.79 | 22.15 | 14.59 | 13.55 | 82.14 | 1.5434 |
| Feb 26 | 20.14 | 20.50 | 14.94 | 16.29 | 76.13 | 1.6581 |
| Mar 26 | 20.95 | 21.29 | 16.16 | 18.94 | 72.15 | 1.8993 |
Appalachian Federal Order Prices
| Month | Uniform Price $/cwt. | Class I Price $/cwt. | Class III Price $/cwt. | Class IV Price $/cwt. | Class I % Utilization | Butterfat Price $/lb. |
|---|---|---|---|---|---|---|
| Oct 25 | 21.42 | 23.64 | 16.91 | 14.30 | 76.11 | 2.0923 |
| Nov 25 | 20.45 | 22.35 | 17.18 | 13.89 | 72.83 | 1.7951 |
| Dec 25 | 21.80 | 23.81 | 15.86 | 13.64 | 76.14 | 1.6540 |
| Jan 26 | 20.32 | 21.95 | 14.59 | 13.55 | 78.06 | 1.5390 |
| Feb 26 | 19.69 | 20.30 | 14.94 | 16.29 | 73.73 | 1.6660 |
| Mar 26 | 20.64 | 21.07 | 16.16 | 18.94 | 70.09 | 1.9116 |
What is the Market Offering for Milk to be Sold in July?
Ex: It is Apr. 30 and Ju1. Class III milk futures are trading at $18.22. Local Jul. basis estimate is +$3.00.
| If July futures | = | 19.75 | 18.25 | 16.75 | |||
| and actual blend price | = | 22.75 | 21.25 | 19.75 | |||
| Sample Strategies | Realized Prices for June Milk | ||||||
| 1) Sold Futures | @ | 18.22 | 21.22 | 21.22 | 21.22 | ||
| 2) Bought Put | 17.25 | @ | 0.42 | 22.33 | 20.83 | 19.83 | |
| 3) Bought Put | 17.75 | @ | 0.62 | 22.13 | 20.63 | 20.13 | |
| 4) Bought Put | 18.25 | @ | 0.88 | 21.87 | 20.37 | 20.37 | |
| 5) Synthetic Put | |||||||
| Sold Futures | @ | 18.22 | |||||
| Bought Call | 19.25 | @ | 0.50 | 21.22 | 20.72 | 20.72 | |