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Rabobank's Q1 2026 Global Dairy Quarterly says strong milk supply across major exporters continues to weigh on global dairy prices. Fat prices fell more than 40% and whole milk powder about 30% from September to February, while recent GDT auction gains are described as not yet structurally sustainable.
Ample global milk supply keeps export dairy prices under pressure, and a slowdown in production growth later in 2026 is the main path to recovery.
rabobank.comTom Booijink Senior Dairy Specialist Europe, AfricaMar 3, 2026Not enough comparable past events yet for a historical read.
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.
