“Class III milk prices” can mean either USDA’s monthly regulated milk price or a Class III milk futures contract. The Agriculture.com page matching “Class III Milk Prices (DL)” is a delayed futures listing, not the USDA monthly price. Its displayed figures are dated September 10, 2026, so they are historical—not current quotes for October 8, 2026.
What the “DL” listing shows
The matching Agriculture.com page is labeled “Class III Milk Delayed Futures.” The table excerpt dated September 10, 2026, showed the following contract-month entries:
| Contract month | Symbol | Displayed value | Date shown |
|---|---|---|---|
| September 2026 | DLU26 | 16.13 | September 10, 2026 |
| October 2026 | DLV26 | 16.10 | September 10, 2026 |
The listing labels its columns “Last,” “Change,” “Open,” and “Date,” and identifies the prices as delayed futures. The excerpt does not establish a unit, so these values should not be given a unit without confirming it on the source page. They are not October 8 quotes. View the Agriculture.com delayed futures listing.
How USDA Class III prices differ
USDA Class III is one of the milk classes in the Federal Milk Marketing Order (FMMO) pricing framework. USDA describes Class III milk as milk used to make cream cheese and other spreadable cheeses; hard cheeses that may be shredded, grated, or crumbled; and products including plastic cream, anhydrous milkfat, and butteroil. USDA’s Dairy Market News Terminology explains the class terminology.
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FMMOs establish provisions under which dairy processors purchase fresh milk from producers supplying a marketing area. USDA monthly statistical reports compile information that handlers are required to file with the market administrator. USDA’s Federal Milk Marketing Order information describes the order framework.
A monthly USDA Class III price is a regulated class-price figure, while a futures quote is a market price for a contract tied to a specified delivery month. They differ in instrument, date, and calculation basis; one should not be substituted for the other when reporting a price.
How USDA’s monthly price is calculated
USDA Agricultural Marketing Service says class and component prices are derived from weekly National Dairy Products Sales Report (NDPSR) data. In the agency’s words, “Prices are derived from National Dairy Products Sales Report collected by the Agricultural Marketing Service on a weekly basis.” The monthly weighted average prices for cheese, butter, dry whey, and nonfat dry milk feed into FMMO product-price formulas. USDA Dairy Market News Terminology explains the data basis; the USDA price-formula resource provides separate Class I, II, III, and IV calculations per hundredweight, including a Class III resource labeled “Beginning December 2025.” Use the current calculation sheet rather than assuming older formula details still apply.
Federal law requires release of weekly sales information for butter, cheddar cheese, dry whey, and nonfat dry milk by 3 p.m. Eastern Time on Wednesday, unless a federal holiday affects the schedule. USDA says those NDPSR data are used in FMMO price calculations. USDA’s Dairy Mandatory Market Reporting page describes the reporting and release schedule.
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Where to check each figure
- For a futures quote: use the futures listing, identify the contract month and symbol, and state the quote date and that it is delayed if the source labels it that way. Confirm the unit and quote basis on the source page.
- For a USDA monthly Class III price: use the official monthly class-price announcement or report, and label the figure as the USDA monthly Class III price. USDA’s Class Prices by Order report page directs readers to the Announcement of Class and Component Prices report for Class II, III, and IV prices.
USDA states that once monthly average prices are computed, they are not revised. That makes the monthly report a distinct, finalized reference rather than a live market quote. USDA Class Prices by Order.
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