In this episode of Ag Smarter: The Dairy Feed, Jim Matthews and Kathleen Wolfley break down the latest USDA planting intentions and quarterly stocks reports—and what they signal for the months ahead. Corn acres came in higher than expected, but markets are still searching for direction as global tensions, energy volatility, and fertilizer uncertainty cloud the outlook.

From early planting progress in the Midwest to shifting dynamics in crude oil and input costs, the conversation highlights the key forces shaping grain markets right now—and how those ripple into dairy margins.

Plus, a quick look at dairy fundamentals: steady cheese, firm powder, and a timely reminder for producers to think about risk management while favorable pricing opportunities are still on the table.

Clear, timely insight on what’s moving, why it matters, and what it means for your operation.

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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.

Market volatility remains front and center as dairy and feed markets navigate a mix of seasonal trends, global uncertainty, and shifting input costs. In this episode of Ag Smarter – The Dairy Feed, the team breaks down a “Goldilocks” milk production report, what to watch as we head into Q2 pricing, and why fertilizer costs could play a major role in planting decisions. Plus, Jake Kingsley delivers Words from Wichita, highlighting recent swings in corn and soybean meal, geopolitical impacts on feed markets, and key buying opportunities for producers. Stay ahead of what’s moving—and what it means for your operation.

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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 (GDT) auction came in essentially unchanged after five consecutive gains, but the underlying story tells a more nuanced tale. Skim milk powder jumped more than 5%, butter rose over 2% and mozzarella edged higher, while whole milk powder fell about 4%, pulling the overall index flat. In this week’s GDT Tuesday discussion, Cody Koster and Brian Fletcher break down the key drivers behind the results—including Mexico’s sharp increase in buying activity, shifting regional demand, and continued price divergence between global suppliers.

With US nonfat dry milk trading well above competing global supplies, buyers like Mexico appear to be sourcing cheaper alternatives through GDT. They also examine subdued buying from North Asia, the impact of a major dairy ingredients conference in China, and why US cheese may remain highly competitive in export markets as European prices continue to run higher.

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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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The following music was used for this media project:

Music: Funky Intro 29 by TaigaSoundProd

Free download: https://filmmusic.io/song/9520-funky-intro-29

License (CC BY 4.0): https://filmmusic.io/standard-license

Artist website: https://linktr.ee/taigasoundprod

© Ever.Ag 2026, confidential and proprietary.

Grain and feed markets saw sharp volatility this week as soybean futures and soybean oil closed limit down while corn prices also pulled back. In this episode of Ag Smarter – The Dairy Feed, Kathleen Wolfley and Jim Matthews break down what the latest market moves mean for dairy producers and feed costs.

The conversation covers strong US dairy export demand—especially for cheese and butterfat—along with rising energy prices, fertilizer concerns, and how a strengthening US dollar could create headwinds for dairy trade. Jake Kingsley also joins with this week’s Words from Wichita, explaining the recent market whiplash, farmer selling during the rally, and what it means for basis levels and feed buying strategies.

Stay ahead of the markets with weekly insights on dairy, grain, and feed trends shaping producer decisions.

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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.

Geopolitical tension in the Middle East is driving volatility across energy, feed, and dairy markets. In this episode of Ag Smarter – The Dairy Feed, the Ever.Ag team breaks down what rising crude oil prices, shifting export dynamics, and heavy milk supply could mean for dairy producers heading into spring.

Kathleen Wolfley and Jim Matthews discuss how global shipping disruptions and fuel costs are influencing feed markets, while Katie Burgess shares key insights on dairy price movement, herd expansion, and risk management strategies producers should be considering right now. And Jake Kingsley brings in his Words from Wichita with some commentary for rail-dependent markets.

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.

In this inaugural episode of Ag Smarter: The Dairy Feed, Kathleen Wolfley and Jim Matthews break down escalating Middle East tensions and what they mean for grain, feed, energy, and dairy markets. With crude oil pushing above $75 per barrel and volatility returning to corn and soybean meal, input costs are back in focus for dairy producers.

Jake Kingsley joins with a cash feed update, covering corn basis trends, firming canola markets following China-Canada trade developments, protein dynamics, and outlooks for cottonseed and byproducts. Cody Koster dives into the latest Global Dairy Trade results, highlighting strength in mozzarella, butter, and whole milk powder, while discussing Class III and IV price movement, Spring flush expectations, component growth, and forward hedging opportunities into 2026.

From geopolitical risk to milk components and export ceilings, this episode delivers clear, timely insight on what’s moving markets — and what it means for your operation.

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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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The following music was used for this media project:

License (CC BY 4.0): https://filmmusic.io/standard-license

Artist website: https://linktr.ee/taigasoundprod

© Ever.Ag 2026, confidential and proprietary.

The Global Dairy Trade index climbed another 5.7%, marking the fifth consecutive higher auction. Mozzarella jumped 8% to $1.90, butter and AMF posted solid gains, and skim milk powder surged over 9%—but regional buying shifts tell the deeper story.

With US nonfat prices previously outpacing global markets, Mexico emerged as a key buyer on the GDT scene. Southeast Asia stepped back, suggesting international price convergence. Is CME powder running out of momentum? Will Mexico remain the swing buyer?

Meanwhile, EU mozzarella prices rose to levels that put CME cheese prices within export contention. With heavy US milk and cheese production, global sales are critical to keeping the US cheese market balanced.

Cody and Jon break down the numbers, the nuance, and what to watch heading into the next GDT.

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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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The following music was used for this media project:

Music: Funky Intro 29 by TaigaSoundProd

Free download: https://filmmusic.io/song/9520-funky-intro-29

License (CC BY 4.0): https://filmmusic.io/standard-license

Artist website: https://linktr.ee/taigasoundprod

© Ever.Ag 2026, confidential and proprietary.

Global Dairy Trade prices rose for the fourth straight auction, with the index up 3.6% and butter surging nearly 10%. In this episode, Cody Koster and Jon Spainhour break down key moves across butter, cheese, powders, and regional buying trends—highlighting export opportunities, softer-than-expected skim milk powder gains, and the role of China and Southeast Asia.

They also examine how strong US nonfat prices and high global milk production could shape markets in the months ahead.

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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.

--

The following music was used for this media project:

Music: Funky Intro 29 by TaigaSoundProd

Free download: https://filmmusic.io/song/9520-funky-intro-29

License (CC BY 4.0): https://filmmusic.io/standard-license

Artist website: https://linktr.ee/taigasoundprod

© Ever.Ag 2026, confidential and proprietary.