In this week’s Chart Chatter, the team breaks down the continued rally in nonfat dry milk prices, now reaching levels not seen in over two decades. With US milk supplies moving more into cheese and bottling, domestic supply is tight—driving prices sharply higher.

Meanwhile, global markets tell a different story. Europe remains the lowest-cost origin, supported by strong milk production and increasing skim milk powder output, creating a widening gap between US and international pricing.

What does this divergence mean for exports, competitiveness, and global trade flows? Tune in for key insights shaping the dairy market right now.