Compeer Ag Economist Megan Roberts hosts Sara Dorland from Ceres and Compeer's Jim Moriarty to dive into the dairy industry's current challenges as milk supply recovery across the US, New Zealand, China, and Europe creates temporary oversupply pressures. With Class III milk prices dropping and futures pointing even lower for early next year, the experts explain how beef-on-dairy programs are providing crucial revenue support to farm profitability. Learn about the dramatic shift in consumer demand from butterfat to protein products, driving explosive growth in cottage cheese, high-protein milks, and cultured products that processors can barely keep on shelves. The episode explores how low feed costs are helping maintain farm margins despite lower milk prices, why base plans may return to manage production growth, and what's driving massive new dairy processing investments. The group also discusses construction cost challenges limiting farm expansion, the potential impact of Fed rate cuts on investment decisions, and fertilizer supply concerns heading into next year.