Hormonal questions for Type 2 patient

Hello!  I was diagnosed with Type 2 diabetes almost 14 years ago.  I just turned 36 years old in Dec. and do not have any children and do not plan to have any children, although I cannot take birth control pills since they keep my sugars high.  I have lost 40 lbs in the last year and a half.  I currently take 1000mg of Medformin tablets a day in addition to .5mg of Prandin 15 minutes before a meal (up to 3 times a day).  Over the past 2 years I've noticed that from time to time my nipples get really hard for no reason at all, even when it's not cold out, and also when this happens they seem to also get really itchy.  Just the nipple and aereola area - not the breast itself.  It's not red or swollen - but when it gets really itchy there is sometimes flaking of the skin around and on the nipple.  My mom says because of my age that it may be a hormonal thing, but because hormones are also affected by my diabetes, I wanted to see if this is a normal thing that can happen every couple of months, or something I should have seen about.  It seems to happen during the last week or 2 prior to my period, but never right after.  Weird, I know.
One last thing - as is the case in most woman, the first place I lost weight was in the boob area.  I was a C cup, but am almost down to an A cup.  ***** for me!  Didn't know if that would have anything to do with this problem, and want to give as much info. as possible.  Thanks in advance for your help!   Happy New Year!