The Global Dairy Trade auction kicked off 2026 with a long-awaited rebound, posting a 6.3% aggregate gain from the last event — the first higher auction in ten events. In this episode, Cody Koster and John Spainhour break down where the strength showed up.

Whole milk powder stole the show with a 7.8% surge, snapping a multi-month slide, while skim milk powder climbed 5.5%, keeping U.S. nonfat prices at a global premium. Butter and AMF also rebounded after four consecutive declines, helping lift overall sentiment.

The discussion dives into global price relationships, futures expectations versus reality, and why renewed buying interest — potentially from China, Southeast Asia, and the Middle East — may be emerging as GDT offer volumes begin to ease. Is this a turning point, or simply a bounce in a pattern of prolonged weakness?

Tune in for a clear, data-driven breakdown of what changed — and what to watch heading into the next auction.

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