Milk price history, 1993 to 2026

Milk, USDA Class III spot, United States averaged $19.66/cwt in August 2026, -7% over twelve months and +17% over ten years. The nominal all-time high was $29.16/cwt in July 2022; in 2024 dollars the real peak was $37.48/cwt in May 2004. Monthly averages, IMF PCPS.

Show latest price in Converted from USD at the latest available monthly average rate (Federal Reserve via FRED); the chart and tables below stay in USD.

Milk, USDA Class III spot, United States

Dashed lines: Asian financial crisis begins (Jul 1997); September 11 attacks (Sep 2001); Lehman Brothers collapse (Sep 2008); Fukushima Daiichi nuclear accident (Mar 2011); OPEC holds output steady amid oversupply (Nov 2014); COVID-19 declared a pandemic (Mar 2020); Russia invades Ukraine (Feb 2022); Israel-Hamas war begins (Oct 2023). Hover a line for the source of its date.

Derived price statistics per series
Series	Latest	1 month	12 months	5 years	10 years	20 years	All-time high (nominal)	All-time high (real, 2024 US$)
Milk, USDA Class III spot, United States $/cwt, since 1993	19.66 August 2026	-5%	-7%	+10%	+17%	+55%	29.16 July 2022	37.48 May 2004

Percentage changes compare the latest monthly average with the monthly average 1, 12, 60, 120 and 240 months earlier. Real prices deflate by the US consumer price index (BLS via FRED) to 2024 dollars.

Prices are monthly benchmark averages that may lag the market; informational only, not investment, legal or trade advice. For what these benchmarks mean and how they are set, see how milk is priced.

Monthly milk prices by decade

Choose a decade. Values are monthly averages in the unit shown; blank cells mean no quote was published.

Milk, USDA Class III spot, United States ($/cwt)

Milk, USDA Class III spot, United States monthly prices, 1990s, $/cwt
Year	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	Average
1993							11.66	11.43	11.61	11.54	11.73	11.57	11.59
1994	11.5	11.66	11.84	11.69	11.41	11.19	11.4	11.27	11.45	11.34	11.35	11.31	11.45
1995	11.24	11.36	11.21	11.27	11.16	11.22	11.71	11.51	11.7	11.81	11.9	12.39	11.54
1996	12.22	12.36	12.71	13.48	14.28	15.52	17.64	18.08	18.78	16.01	12.9	12.35	14.69
1997	12.94	13.74	13.88	12.82	11.93	11.97	11.59	12.17	12.59	12.81	12.64	12.93	12.67
1998	13.19	13.26	12.81	12.26	11.21	12.75	14.35	15.28	15.19	15.91	16.6	17.16	14.16
1999	15.82	12.19	11.18	11.59	11.33	11.59	13.41	15.9	15.87	12.56	10.59	9.81	12.66

Milk, USDA Class III spot, United States monthly prices, 2000s, $/cwt
Year	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	Average
2000	10	9.7	9.59	9.5	9.43	9.54	10.42	10.18	10.71	9.99	8.7	9.28	9.75
2001	9.69	10.22	11.33	11.96	13.53	14.93	15.26	15.48	15.78	14.37	11.42	11.72	12.97
2002	11.83	11.69	10.68	10.84	10.84	10.31	9.35	9.54	9.85	10.6	9.81	9.81	10.43
2003	10.71	10.66	10.03	10.31	10.68	10.73	12.59	15	15.58	15.74	14.71	12.57	12.44
2004	12.75	12.99	15.3	20.99	22.48	19.8	16.42	15.49	16.01	15.55	16.19	18	16.83
2005	15.41	16.15	15.56	16	15.07	15.33	15.87	15.09	15.7	15.81	14.88	14.75	15.47
2006	14.72	13.58	12.35	12.03	11.92	12.54	12.64	12.71	12.63	12.82	13.76	13.62	12.94
2007	14.06	14.64	15.2	15.98	18.61	20.12	21.21	19.99	20.22	18.76	19.16	20.39	18.19
2008	19.53	17.2	18.02	16.9	18.13	20.17	18.35	17.39	16.42	16.8	15.46	15.22	17.47
2009	10.92	9.34	10.36	10.76	9.82	9.9	10.01	11.14	11.95	12.79	14.03	14.7	11.31

Milk, USDA Class III spot, United States monthly prices, 2010s, $/cwt
Year	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	Average
2010	14.39	14.27	13.07	12.88	13.31	13.54	13.73	15.07	16.17	16.8	15.71	13.9	14.4
2011	13.43	16.38	19.21	16.71	16.48	18.89	21.07	21.51	19.02	17.91	18.91	18.58	18.17
2012	17.12	16.23	15.54	15.72	15.24	15.61	16.53	17.79	18.89	20.87	20.85	18.78	17.43
2013	18.04	17.2	16.97	17.52	18.55	18.08	17.42	17.98	18.1	18.24	18.81	19.02	18
2014	20.65	22.93	23.12	24.03	22.66	21.44	21.44	22.02	24.2	24.01	22.01	18.05	22.21
2015	15.99	15.72	15.5	15.76	16.26	16.68	16.28	16.4	15.94	15.61	15.4	14.5	15.84
2016	13.69	13.82	13.79	13.7	12.87	13.39	15.24	16.81	16.51	14.93	16.65	17.24	14.89
2017	16.83	16.86	15.81	15.26	15.54	16.28	15.58	16.39	16.29	16.67	16.6	15.47	16.13
2018	14.04	13.54	14.21	14.44	15.2	15.33	14.35	15.16	16.21	15.64	14.54	13.86	14.71
2019	14.03	14.11	15.02	15.84	16.34	16.29	17.28	17.56	18.14	18.72	20.25	19.48	16.92

Milk, USDA Class III spot, United States monthly prices, 2020s, $/cwt
Year	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	Average
2020	17.12	17	16.36	13.42	11.96	19.86	24.05	20.12	16.78	21.15	23.11	15.99	18.08
2021	16.23	15.66	16.22	16.18	16.18	16.18	18.1	17.83	18.59	19.21	20.96	22.29	17.8
2022	25.39	26.84	28.06	28.54	28.16	29.15	29.16	28.02	27.73	28.08	26.15	24.95	27.52
2023	22.78	21.34	20.82	20.37	20.42	20.48	20.56	21.3	21.19	24.15	23.22	21.67	21.52
2024	21.82	22.59	22.67	22.76	23.09	23.87	24.21	24.47	25.15	23.86	23.82	23.5	23.48
2025	23.65	22.49	21.09	20.31	20.42	20.82	21.45	21.06	19.25	16.2	15.62	15.48	19.82
2026	15.26	17.55	21.48	23.14	25.22	23.97	20.71	19.66					20.87

Method

Nominal prices are the source's monthly averages in US dollars, stored in the source's unit and never mixed on one chart. Real prices divide each month by the US consumer price index for all urban consumers (BLS series CPIAUCSL, via FRED) and multiply by the 2024 average, so they read as "2024 dollars". Changes are ratios of monthly averages. The all-time high is the highest monthly average, not an intraday peak.

Downloads

All series and statistics as JSON
IMF series are shown as charts and statistics only; download them from the IMF Primary Commodity Price System.

Cite as: Commodity Origins, "Milk price history (1993–2026)", https://commodityorigins.com/prices/milk/, data 2026-09-08. Data updated 22 October 2026.