The US dairy market has seen prices collapse to their lowest levels since 2009 in the space of just 10 days. The forced closure of restaurants, cafés, takeaways and other food service outlets all across the US due to the COVID-19 pandemic is having a devastating impact on US dairy prices.

In the last two weeks, prices for US cheese have plunged up to 40%, while butter prices have dived more than 25%. The speed of this price collapse is unprecedented and relates to the shutdown of the enormous food service industry in the US.