Dairy ingredient prices have started to make their usual late spring/early summer track northward. Since becoming more of a global market, dairy ingredient prices continue to be influenced by prices around the world…primarily Europe and New Zealand/Australia. Butterfat prices are roughly 80 – 85 cents more a pound in Europe currently. This leads to more exports of American butterfat which, naturally, leads to less supply and higher prices. So far, American butterfat has resisted the need to match European prices (over $3.00/pound) but we can’t guarantee that it will continue to be so stoic. Nonfat dry milk (NFDM), has also increased recently. We’re not sure how strong this recent bull market is but, as always, we will keep you informed.