Dairy markets are flashing green as nonfat dry milk hits new highs, but how long can the rally last? Jim and Kathleen break down tightening US powder supply, rising Class IV pricing, and whether export demand can keep up with elevated price levels.

In grain and feed, wheat continues to lead the charge amid worsening Plains conditions, offering support to corn as planting gets underway across the Midwest. Meanwhile, volatile energy markets and global tensions remain a key wildcard—impacting everything from input costs to consumer demand.

With gas prices pressuring household budgets, early signals suggest dining demand could soften—raising new questions for dairy consumption heading into summer.

Plus, Jake delivers this week’s Words from Wichita, covering planting progress, soybean meal strength, and key risk management opportunities as fundamentals begin to take back control.

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EVER.AG INSURANCE SERVICES IS A LICENSED INSURANCE AGENCY AND AN AFFILIATE OF EVER.AG. INFORMATION CONTAINED HEREIN IN THIS WEBSITE IS COMPILED FOR THE CONVENIENCE OF THE USER. INFORMATION IS OBTAINED FROM SOURCES BELIEVED TO BE RELIABLE AND IS FURNISHED WITHOUT RESPONSIBILITY FOR ACCURACY OR CONTENT. MARKET DATA IS SUBJECT TO CHANGE AT ANY TIME. Ever.Ag is a licensed insurance agency in the following states: AZ, CA, CO, CT, FL, GA, ID, IL, IN, IA, KS, KY, LA, ME, MD, MA, MI, MN, MO, MT, NE, NV, NH, NM, NY, NC, ND, OK, OH, OR, PA, RI, SD, TN, TX, UT, VT, VA, WA, WV, WI, WY. This agency is a equal opportunity provider.

The latest Global Dairy Trade auction delivered a sharp 3.4% decline, led by significant weakness in butterfat and continued softness across key dairy categories. In this episode, Cody Koster and John Spainhour break down what’s driving the market—from falling fat prices and declining cheese values to a complex global pricing divide between the US, Europe and New Zealand.

Skim milk powder tells a deeper story, with surprising strength in New Zealand contrasting sharply with weaker European pricing, creating a growing global imbalance. Meanwhile, China’s reduced participation and increased buying from Southeast Asia and Mexico are reshaping trade flows in real time.

With geopolitical tensions impacting shipping routes and global milk production remaining strong, the market faces a critical question: can global demand keep up?

Tune in for a clear, market-focused breakdown of what this GDT means now—and what to watch next.

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Disclaimer: TRADING FUTURES AND OPTIONS ON FUTURES INVOLVES SIGNIFICANT RISK OF LOSS AND MAY NOT BE SUITABLE FOR EVERYONE. THEREFORE, CAREFULLY CONSIDER WHETHER SUCH TRADING IS SUITABLE FOR YOU IN LIGHT OF YOUR FINANCIAL CONDITION. PAST RESULTS ARE NOT INDICATIVE OF FUTURE RESULTS. THE INFORMATION AND COMMENTS CONTAINED HEREIN ARE PROVIDED BY EVER.AG AS GENERAL COMMENTARY OF MARKET CONDITIONS. THIS INFORMATION SHOULD NOT BE INTERPRETED AS TRADING ADVICE OR RECOMMENDATION WITHOUT FURTHER DISCUSSION WITH YOUR EVER.AG ADVISOR. THIS IS A MATTER OF SOLICITATION.

EVER.AG INSURANCE SERVICES IS A LICENSED INSURANCE AGENCY AND AN AFFILIATE OF EVER.AG. INFORMATION CONTAINED HEREIN IN THIS WEBSITE IS COMPILED FOR THE CONVENIENCE OF THE USER. INFORMATION IS OBTAINED FROM SOURCES BELIEVED TO BE RELIABLE AND IS FURNISHED WITHOUT RESPONSIBILITY FOR ACCURACY OR CONTENT. MARKET DATA IS SUBJECT TO CHANGE AT ANY TIME. Ever.Ag is a licensed insurance agency in the following states: AZ, CA, CO, CT, FL, GA, ID, IL, IN, IA, KS, KY, LA, ME, MD, MA, MI, MN, MO, MT, NE, NV, NH, NM, NY, NC, ND, OK, OH, OR, PA, RI, SD, TN, TX, UT, VT, VA, WA, WV, WI, WY.

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In this episode of Ag Smarter: The Dairy Feed, we break down a busy start to April across dairy, grain and cattle markets. Record-breaking US cheese exports signal growing global demand—especially across Latin America—while butter shipments and shifting trade dynamics add new uncertainty.

We also dig into rising nonfat prices versus hesitant futures markets ahead of the next GDT auction, and what global volatility could mean for buyer behavior. Meanwhile, cattle prices continue their impressive run, supporting stronger farm margins at the dairy level and fueling expectations for milk supply growth in 2026.

Plus, Jake Kingsley joins with Words from Wichita to share on-the-ground insight into wheat conditions, a feed outlook and early planting season signals.

If you’re looking to stay ahead of market shifts and understand what they mean for your operation, this episode delivers the clarity you need.

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EVER.AG INSURANCE SERVICES IS A LICENSED INSURANCE AGENCY AND AN AFFILIATE OF EVER.AG. INFORMATION CONTAINED HEREIN IN THIS WEBSITE IS COMPILED FOR THE CONVENIENCE OF THE USER. INFORMATION IS OBTAINED FROM SOURCES BELIEVED TO BE RELIABLE AND IS FURNISHED WITHOUT RESPONSIBILITY FOR ACCURACY OR CONTENT. MARKET DATA IS SUBJECT TO CHANGE AT ANY TIME. Ever.Ag is a licensed insurance agency in the following states: AZ, CA, CO, CT, FL, GA, ID, IL, IN, IA, KS, KY, LA, ME, MD, MA, MI, MN, MO, MT, NE, NV, NH, NM, NY, NC, ND, OK, OH, OR, PA, RI, SD, TN, TX, UT, VT, VA, WA, WV, WI, WY. This agency is a equal opportunity provider.