The Milk Check
Experienced dairy traders discuss current market trends and how they affect payments to dairy farmers. The show provides insights into the dairy industry's economic factors, including supply, demand, and pricing. Each episode aims to help farmers understand the financial implications of market movements. The hosts share their expertise and analysis of the latest developments in dairy trading.
Episodes
We Have a Cheese Problem
With more cheese competing for buyers around the world, could the global market be headed for a price war?
U.S. cheese plants are running full, whey protein demand is supporting production and exports have been strong. But at home, cheese demand remains soft.
That puts more pressure on exports to keep product moving.
In episode 106 of The Milk Check, host Ted Jacoby III sits down with the T.C. Jac
Powder pops. WPC 80 slips. Dairy proteins defy gravity.
Nonfat rallied nearly 30 cents in about 15 days. Can that rally can hold?
WPC80 is showing its first real signs of softness in a while. Is it a seasonal slowdown or a sign?
And milk proteins are still finding support. Will demand stay strong as new products come online, or will the economy finally put a lid on protein?
In episode 105 of The Milk Check, host Ted Jacoby III and the T.C. Jacoby &
Can the U.S. Keep Its Dairy Export Advantage?
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 C
The Perfect Storm for Milk Solids
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 thi
Who Wins the Next Decade of Milk Production?
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 sh
Screwworm, Bird Flu and Foot-and-Mouth Disease: Is U.S. Dairy Ready?
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 ep
Is Protein a Fad, and Is Cheese Still King?
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
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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
Volatilidad, leche y mercados globales
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
A Market on Borrowed Time
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 an
Steady Markets, Shaky Ground
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 ever
A Logistics Expert on the Iran Conflict and Dairy Trade
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
The Strait of Hormuz: What the Iran Conflict Means for Dairy Trade
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
The Dryer’s Getting Robbed
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
Mercados Lácteos en Movimiento: Leche Fluida, Proteínas y Volatilidad Global
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, MP
Why Dairy Futures Seem Irrational
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
The Nonfat Short Squeeze
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,
The Market is Lying to Us
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-
Valley Queen on casein vs. whey. Plus, where whey goes from here.
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 co
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