FX.co ★ Global Dairy Prices Extend Rally on Broad-Based Gains

The Global Dairy Trade Price Index climbed 3.6% to an average of $4,028 per tonne over the two weeks ending February 17, 2026, extending a 6.7% rise in the previous period. This latest increase marked the fourth consecutive gain, driven by broad-based strength across major product categories. Butter posted the largest advance, up 10.7%, followed by lactose (7.8%), mozzarella (5.0%), anhydrous milk fat (3.8%), skim milk powder (3.0%), and whole milk powder (2.5%). Cheddar was the lone decliner, slipping 1.0% and partially offsetting the overall price gains.