Dairy producers should anticipate smaller milk checks again this month, based on a review of Federal Milk Marketing Order (FMMO) milk class prices. November 2025 FMMO pooling estimates, uniform prices and producer price differentials (PPDs) will be released Dec. 11-14. Watch Progressive Dairy’s website for an update.
As announced previously, the November 2025 advanced Class I base price is $16.75 per hundredweight (cwt), down $1.29 from October and the lowest since August 2023. It’s $5.78 per cwt (26%) less than November 2024.
Announced Dec. 3, November FMMO Class III prices rose slightly but were offset by declines in Class II and Class IV milk prices. In the case of Class II and Class IV milk, monthly prices were the lowest since February 2021.
December class prices
Class prices announced on Dec. 3 were:
- At $14.54 per cwt, the November Class II milk price is down $1.48 from October and down $6.98 from November a year ago. It’s the lowest since February 2021.
- The November Class III milk price rose 27 cents from the previous month to $17.18 per cwt. It’s still $2.77 per cwt less than November 2024.
- At $13.89 per cwt, the November Class IV milk price is down 41 cents from October and down $7.23 from same month a year ago.
The gap between November 2025 Class III and Class IV milk prices was $3.29, the widest since April 2024, giving large incentives for depooling of higher-priced Class III milk from some FMMO pools.
Butterfat, protein values
The values of butterfat and protein again moved in opposite directions in November. Butterfat fell to $1.7061 per pound, down almost 12 cents from October and $1.20 less than the value of $2.91 per pound one year ago. It’s the lowest butterfat value since February 2021.
Meanwhile, the value of milk protein settled at $3.0143 per pound in November, climbing almost 14 cents from October and reaching the highest point since October 2024, when the value peaked at $3.3238 per pound.
The November value of nonfat solids was 91 cents per pound, up just slightly from October but still the second lowest since November 2020. Other solids inched about a nickel higher to 38.6 cents per pound.
Looking ahead
Based on FMMO advanced prices and current futures prices, the outlook for December regional uniform milk prices is mixed and remains low.
As announced previously, the December 2025 advanced Class I base price is $18.21 per cwt, up $1.46 from November but still the lowest December price dating back to 2018. It’s $3.22 per cwt less than December 2024.
December 2025 Class II, III and IV milk prices will be announced on Dec. 31. As of trading on Dec. 3, the Chicago Mercantile Exchange (CME) December Class III milk futures price settled at $15.77 per cwt, down $1.41 per cwt from November’s price. The December Class IV milk futures price closed at just $13.67 per cwt, down 22 cents from November. If Class III-IV futures prices hold, the December Class III-IV milk price gap will shrink to $2.10 per cwt, reducing but not eliminating incentives for Class III depooling.
