We’re excited to have Will Loux, senior vice president of global economic affairs for the U.S. Dairy Export Council, join us to share his presentation of the future of U.S. dairy exports. For years, the U.S. dairy export portfolio has leaned heavily on nonfat dry milk, skim milk powder, lactose and lower-protein whey products. But our exports are changing. In the latest episode of The Milk Check, host Ted Jacoby sits down with Will Loux to break down the changing U.S. export picture. In this episode, we cover: Why U.S. dairy exports are moving toward cheese, fats and higher-value proteins How
Milk already feels tight across much of the U.S. That could be the setup for a perfect storm. Summer heat, warm nights, wildfire smoke and plant disruptions have pressured milk production and moved milk into unexpected places. Now, Class I bottlers are preparing for schools to reopen just as cheese plants, protein beverage manufacturers and other processors compete for the same milk solids. In this episode of The Milk Check, guest host Josh White and the Jacoby team break down what could make August, September and October especially interesting for dairy markets. We cover: How heat, smoke and
The next decade of global dairy growth may look very different from the last one. For years, much of the world’s additional milk came from pasture-based systems. New Zealand added acres. Production expanded across parts of South America, Australia and Europe. But those regions are not growing the way they once did. Today, the next unit of milk is increasingly coming from grain-fed systems. That shift could put the U.S. in the driver’s seat for global dairy markets over the next 5 to 10 years. In this episode of The Milk Check, host Ted Jacoby III and the Jacoby team are joined by Scott Briggs
Disease pressure is back in the dairy market conversation. New World screwworm has moved into the U.S. Avian flu is still lingering in dairy herds. Foot-and-mouth disease is also back in the conversation after a recent Dutton Ranch storyline raised questions about what an outbreak would mean for U.S. cattle and dairy. So, we got together the experts and asked: is U.S. dairy ready? Listen to the episode. Listen here. Also available on: Amazon Music Apple Podcasts Spotify YouTube In this episode: In The Milk Check episode 101, host Ted Jacoby III is joined by Jamie Jonker, chief science officer
Right now, high-protein diets are hot and cheese is still the biggest user of U.S. dairy. But will it last? Listen now Listen to the episode Also available on: Amazon Music Apple Podcasts Spotify YouTube In this episode: In this episode of The Milk Check, we pull out our crystal balls and try to see into the future of U.S. dairy. Why GLP-1 may be a catalyst, not the whole protein story How health and wellness trends are reshaping dairy demand How exports could change the future of cheese demand The consensus? Find out in The Milk Check episode 100: Is Protein a Fad, and Is Cheese Still King? G
En este episodio de The Milk Check en Español, Diego, Yara y Miguel analizan uno de los mercados lácteos más inciertos de los últimos años. El equipo conversa sobre la limitada disponibilidad de leche en algunas regiones de Estados Unidos, la fuerte demanda de leche ultrafiltrada, el sólido mercado de exportación de quesos y por qué el mercado de leche descremada en polvo sigue desconectado de los fundamentos tradicionales. También hablan sobre el incremento en los costos de flete, la creciente necesidad de SMP en México, el cambio en el comportamiento de compra de los clientes al construir in
Nonfat is sitting north of $2.25 on the CME spot market. But the bigger question is how long it can hold. In the latest episode of The Milk Check, the Jacoby team breaks down a dairy market that feels tight, fragile and increasingly dependent on timing. Here’s what they’re watching: Why nonfat prices surged, and what could break them How protein demand is pulling milk away from dryers Why MPC and MPI are outpacing nonfat What the inverted futures curve suggests for the second half of the year How depooling and Class III–IV dynamics are shifting milk flows Why butter feels weaker, even in the m
With Easter behind us, demand is easing, milk production is climbing, and the spring flush is here. But beneath the surface, the dairy complex is anything but comfortable. In the latest episode of The Milk Check, host Ted Jacoby III and the Jacoby team look at the fault lines hiding beneath today’s seemingly stable dairy market. In this episode, we cover: Why milk is getting longer, but not everywhere How added processing capacity is changing the spring flush Whether butter has found its floor, or is simply stuck Why energy may be the biggest wildcard in dairy right now From regional milk bala
Weeks into the Iran conflict, the disruption to dairy logistics is becoming more visible. Shipping dairy to the Middle East used to take 30 to 40 days. Now it can take 60 to 75. And the longer this conflict lasts, the more pressure it puts on the dairy trade. In this episode of The Milk Check, host Ted Jacoby III talks with our logistics expert, Tyler Jokerst, Director of Trade Operations, about what all this means for dairy producers, traders and exporters. In this episode, we cover: Why Persian Gulf access remains severely limited, and how exporters are responding How normal 30- to 40-day tr
What happens to dairy markets when one of the world’s busiest shipping lanes suddenly gets disrupted? With the Strait of Hormuz under pressure and trade routes across the Persian Gulf in question, exporters are scrambling to figure out how to move product. What does all this mean for global dairy demand? In this episode of The Milk Check, host Ted Jacoby III sits down with the Jacoby trading team to talk through what happens when geopolitics collides with global dairy trade. We dig into: How exporters may reroute product through alternate ports like Jeddah Why trade flows could shift between t
Flush season is here. Protein solids are up. Global milk production is up. So… Where’s all the skim milk powder? In this episode of The Milk Check, host Ted Jacoby III and the Jacoby team sits down with Martijn Goedhart and Henk-Jan Bouwman of Cefetra Dairy for a European perspective on the volatility rippling through global dairy markets. We talk through how traders got caught short and why the spring flush might not loosen up the skim milk powder/nonfat dry milk market. Plus, are we pricing U.S. out of the export market? We’ll get you up to speed on: Why skim solids are being pulled away fro
En este nuevo episodio de The Milk Check, Diego Carvallo conversa con Miguel Aragón y Yara Morales sobre un mercado lácteo marcado por una fuerte volatilidad y una demanda sólida de proteínas. A pesar de ser el mes del amor y la amistad, los mercados no han mostrado mucha “ternura”, con movimientos importantes en precios y disponibilidad. El equipo analiza el aumento en el consumo de MPC 70, MPC 80 y MPC 85, especialmente en México, donde cada vez más clientes están aceptando estas proteínas para aplicaciones nutricionales. También se comenta la escasez de renina/caseína renina, la fuerte pres
Dairy futures have been anything but calm. In just three weeks, prices across Class III, Class IV, cheese, butter and nonfat have surged, then whipped back and forth enough to exhaust even full-time market watchers. In this episode of The Milk Check, Ted Jacoby and the T.C. Jacoby & Co. team break down why dairy futures can look irrational, even when the underlying fundamentals haven’t changed much. What’s driving the chaos (beyond fundamentals) Short squeezes 101: how a crowded short can turn into a domino effect Flow first, narrative second: why the buying often hits before the story shows u
Nonfat prices have moved sharply higher in recent weeks. But the rally isn't being driven by a sudden surge in demand. It's being driven by a breakdown in where milk is actually flowing. In this episode of The Milk Check, Ted Jacoby III and the Jacoby team unpack insights coming out of the IDFA Dairy Forum in Palm Springs and explain why nonfat prices have surged nearly 25 cents in just weeks, even as milk production remains strong. The issue isn't price resistance. It's availability. Milk that the market expected to move into dryers is instead being diverted into cheese plants, ultra-filtrati
Milk production is up 4.5% — but somehow, milk is clearing. Something doesn’t add up. In this episode of The Milk Check, the team uncovers the shifts reshaping dairy economics in 2026. Ted Jacoby III leads a classic market roundtable with the Jacoby team to unpack what they’re seeing as dairy transitions out of the holiday demand season and into early-year reality. Despite 4.5% year-over-year milk production growth, milk is clearing in many regions. Cheese and butter markets are under pressure, but inventories aren’t yet burdensome. Protein markets remain tight. And nonfat dry milk is showing
In this episode of The Milk Check, Ted Jacoby III welcomes Lloyd Metzger and TJ Jacoby of Valley Queen Cheese Company for a deep dive into the science, functionality and future of dairy proteins. The conversation starts at the molecular level - the difference between casein and whey - and builds toward the real-world implications for product developers, processors and nutrition brands. We cover: Why casein is built to carry calcium (and whey isn't) How heat and pH change protein behavior Fast versus slow digestion and why both matter The role of whey protein in muscle maintenance, aging and GL
There’s milk everywhere: more milk in the U.S., Europe and New Zealand than a year ago, soft Class IV, and Class III futures that could slip into the $13s once you plug in today’s spot cheese and whey. With a long milk wave crashing over the dairy industry, will farmers start culling cows and leaving stalls empty? Inside the episode, the team churns through: Why strong balance sheets, paid-down debt and high cow values could delay a production pullback How lower feed costs shift the breakeven – but can’t fully offset falling milk checks Why Western and cheese-focused regions like the Pacific N
Milk production is up 4.2% year over year, components are climbing and prices are falling. As holiday orders wrap up and we head into the long winter, The Milk Check team digs into whether dairy markets have already found a floor, or if there’s still another leg down to go. With milk products everywhere (except for whey), the Jacoby team shares where the market is and where we’re going. They churn through: Butter at $1.50 and what heavy cream and higher components mean after the holidays Why cheese feels like a calm before the storm, and how far Class III could grind lower Nonfat and skim: lon
