Dairy farmers in Australia are well-equipped to combat below-average rainfall in early 2024
Sustainability & Environmental Impact
Market & Price Trends
Published Dec 8, 2023
According to Rabobank's Global Dairy Quarterly Q4 2023 report, Australia's milk supply has experienced a modest recovery in the first quarter of the new season. The report notes that milk production reached 2.036 billion liters during the July to September period, representing a 0.5% year-on-year increase, but growth was still elusive in regions like Western Victoria and Northern Victoria. Although Australian dairy exports have decreased, farmgate milk prices are expected to remain at or near record levels, and the global dairy market is anticipated to move to the next phase of its cycle with prices expected to rise through 2024.
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Australia's milk supply has "modestly recovered" in the first quarter of the new season, according to a new report from Rabobank. The specialist agribusiness bank has just-released its Global Dairy Quarterly Q4 2023 report. Lead author and Rabobank senior dairy analyst Michael Harvey said milk production had reached 2.036 billion litres in the July to September period, 0.5 per cent year-on-year higher. "Growth has been elusive in Western Victoria and Northern Victoria," he said. Mr Harvey said El Nio's impact was becoming evident in dry conditions. "For most of Australia's key dairying regions, rainfall between August and October was below average, negatively impacting soil moisture," he said. "And the latest climate outlook leans toward below-average rainfall into Q1 2024." However, the report notes, dairy farmers are overall "well-equipped to combat these seasonal conditions". "Most dairy farmers have access to good carryover feed reserves, ample supply of supplementary feed, ...