
Uruguayan milk deliveries to industrial plants reached 229 million litres in September 2026, up 3% year on year, and 1,688 million litres for January to September, up 8%. The Mercosur–EFTA agreement opens export prospects for cheese but raises challenges for traditional designations and competitiveness.
Rising Uruguayan milk output adds supply to regional dairy markets, while the trade deal could expand cheese exports. Effects on feed demand in the region are modest.
After 18 past neutral trade events, Milk (Class III) moved a median -0.4% over 5 sessions (39% higher; middle half -2.9% to +1.1%), and -3.0% 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.