The Milk Check
Experienced dairy traders discuss current market trends that affect payments to dairy farmers.
Episodes
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 g...
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...
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...
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.
- W...
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 re...
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 clearin...
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:
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 h...
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’s slipping, cheese feels heavy, but the protein complex is flexing hard.
In this Milk Check market roundtable, Ted Jacoby III brings together Diego Carvallo, Jacob Menge, Joe Maixner and Josh White to unpack what’s driving the mixed messages in the markets.
Listen to hear:
- Why butter could fall below $1.50 before year-end
- How global health trends are powering whey protein demand
- Why cheese exports...
Does perfect weather mean bad news for dairy?
In this episode of The Milk Check, Ted Jacoby III and the Jacoby team welcome guests from Cefetra Dairy, Henk-Jan Bouwman, Head of Account Management; Martijn Goedhart, Managing Director; and Veljko Perovic, Commodity Market Analyst and Derivatives Trader.
Together, we unpack why the world is swimming in butter and what it means for producers, traders and processors heading into 2026.
Y...
Butter is down. Powder is heavy. Cheese is struggling.
But whey proteins? They’re the shining star.
In this episode of The Milk Check, host Ted Jacoby III sits down with Josh White, Gus Jacoby, Diego Carvallo, and Jacob Menge to break down what’s really moving the dairy market this fall.
We cover:
- Why WPC 80 and whey protein isolate remain in tight supply
- How weak butter, powder, and cheese are reshaping ...
Are you leaving calf money on the table?
Not long ago, a Holstein bull calf might have earned you 50 bucks, if that. Today, thanks to high beef prices and better breeding tools, that same cow might deliver a $1,000 calf instead.
Beef-on-dairy isn’t just a trend; it’s changing how progressive dairies manage their herds and drive revenue.
In this episode of The Milk Check, host Ted Jacoby III talks with CoBank’s Corey Geiger and Abbi...
The school bells are ringing in some changes for milk. Are you ready?
Tune in to The Milk Check as the Jacoby team churns through the latest supply and demand dynamics in the August milk market, including:
- Why the usual summer heat dip in milk production feels normal, despite 3.3% higher year-over-year numbers
- Why cheese prices are holding steady and how New Zealand’s production could impact exports
- Why ...
GLP-1s like Ozempic and Wegovy are changing how Americans eat, and that has big implications for the dairy industry.
In this episode of The Milk Check, host Ted Jacoby III welcomes Paul Ziemnisky, leader of nutrition and industry growth platforms at Dairy Management Inc., and Dr. Chris Cifelli, vice president of nutrition research for the National Dairy Council.
Together with the Jacoby team, they unpack what GLP-1 appetite-suppres...
En este episodio de The Milk Check, le damos la bienvenida a Ruth Aragon al equipo de Jacoby, quien se une a sus colegas de muchos años, Miguel y Yara. Es una reunión basada en décadas de experiencia, relaciones sólidas y un enfoque compartido: fortalecer la presencia de Jacoby en toda Latinoamérica.
Acompáñanos mientras el equipo analiza:
- Cambios en los patrones comerciales y el crecimiento de las expor...
In this week’s episode of The Milk Check, the Jacoby team convenes to dissect a dairy market that feels balanced – barely.
From milk still trickling in past the flush to range-bound commodity prices, this episode covers the major trends shaping the back half of 2025.
- Cheese exports are keeping Class III in check
- Culling numbers are down as producers are keeping heifers longer
- Global butterfat advantage f...
Are you missing the biggest leap in dairy performance since the milking machine?
From fertility breakthroughs to Holsteins with 4.5% components/5% fat, today’s cows are not your grandparents’ cows.
In this episode of The Milk Check, we sit down with Nate Zwald, president and CEO of Progenco, to uncover how genetics is quietly reshaping the dairy industry.
We tackle:
- Why genetic progress is accelerating a...
Popular Podcasts
If you've ever wanted to know about champagne, satanism, the Stonewall Uprising, chaos theory, LSD, El Nino, true crime and Rosa Parks, then look no further. Josh and Chuck have you covered.
Current and classic episodes, featuring compelling true-crime mysteries, powerful documentaries and in-depth investigations. Follow now to get the latest episodes of Dateline NBC completely free, or subscribe to Dateline Premium for ad-free listening and exclusive bonus content: DatelinePremium.com
Saskia Inwood woke up one morning, knowing her life would never be the same. The night before, she learned the unimaginable – that the husband she knew in the light of day was a different person after dark. This season unpacks Saskia’s discovery of her husband’s secret life and her fight to bring him to justice. Along the way, we expose a crime that is just coming to light. This is also a story about the myth of the “perfect victim:” who gets believed, who gets doubted, and why. We follow Saskia as she works to reclaim her body, her voice, and her life. If you would like to reach out to the Betrayal Team, email us at betrayalpod@gmail.com. Follow us on Instagram @betrayalpod and @glasspodcasts. Please join our Substack for additional exclusive content, curated book recommendations, and community discussions. Sign up FREE by clicking this link Beyond Betrayal Substack. Join our community dedicated to truth, resilience, and healing. Your voice matters! Be a part of our Betrayal journey on Substack.
The Dan Bongino Show delivers no-nonsense analysis of the day’s most important political and cultural stories. Hosted by the former Deputy Director of the FBI, former Secret Service agent, NYPD officer, and bestselling author Dan Bongino, the show cuts through media spin with facts, accountability, and unapologetic conviction. Whether it’s exposing government overreach, defending constitutional freedoms, or connecting the dots the mainstream media ignores, The Dan Bongino Show provides in-depth analysis of the issues shaping America today. Each episode features sharp commentary, deep dives into breaking news, and behind-the-scenes insight you won’t hear anywhere else. Apple: https://podcasts.apple.com/us/podcast/the-dan-bongino-show/id965293227?mt=2 Spotify: https://open.spotify.com/show/4sftHO603JaFqpuQBEZReL?si=PBlx46DyS5KxCuCXMOrQvw Rumble: https://rumble.com/c/bongino?e9s=src_v1_sa%2Csrc_v4_sa_o
The World's Most Dangerous Morning Show, The Breakfast Club, With DJ Envy, Jess Hilarious, And Charlamagne Tha God!