World milk supplies 'to stay tight', as output falls for first time in 18 years

USDA cut its 2022 global milk production forecast by 3.38 million tonnes to 442.7 million tonnes, the first annual decline since 2004. The cut reflects heat-related losses in the EU, where the forecast was lowered by 4.45 million tonnes to a five-year low of 142.3 million tonnes.

Argentina's production was also trimmed as feed costs squeezed margins.