
The regional government of Castile and León presented a study on November 14, 2026, estimating average milk production costs at €47.79 per 100 kg of solids-corrected milk. The analysis records an 11.66% rise in feed ration costs during 2026 and a 12.6% fall in prices received by producers between January and September.
Feed accounts for €28.06 of the total, or 58.7%.
Feed makes up the bulk of dairy costs, so rising ration prices squeezing farm margins could pressure herd size and dairy feed demand in Spain. Falling milk prices alongside higher feed costs point to tighter margins for producers.
After 274 past bearish report events, Milk (Class III) moved a median -0.2% over 5 sessions (39% higher; middle half -1.4% to +0.4%), and -1.4% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.