Global dairy market: Price recovery is slower than forecast

This is reported by Rabobank in its 2nd quarter Global Dairy Report "Searching for Balance". "However, despite this, the overall market outlook remains positive," emphasizes Rabobank. The report said that the initial surge in world dairy prices seen in late 2023 and early 2024 was largely due to a period of importers restocking at lower prices, rather than a significant increase in consumer demand. The recovery of world milk prices faced some obstacles in the second quarter of 2024, the bank said. Earlier expectations for a gradual rise in prices over the course of the year were dampened by a combination of weak global demand and an increase in domestic milk production in China, which led to lower imports. According to Rabobank, these factors indicate that global dairy prices may face further obstacles on the way to recovery. The report's co-author, senior dairy market analyst Michael Harvey, says that while China has seen its milk production forecast revised to 2024, other key ...