# Q4 Rabobank update – Global dairy supply surpasses demand  | AHDB

> Rabobank estimates that the big seven dairy exporters finished 2025 2.2% above 2024 milk output, with global production peaking in Q3 2025. It expects production growth to continue into 2026, with the US and Oceania growing for the full year. China's demand remains sluggish.

- Date: 2026-01-08 · published 2026-01-08T12:00:00.000Z
- Category: market · region Global · magnitude medium
- Page: https://feedsoft.ai/events/21066-q4-rabobank-update-global-dairy-supply-surpasses-demand-ahdb
- Commodities: [Milk (Class III)](https://feedsoft.ai/c/MILK.md)

## Why it matters

Continued export-region milk growth into 2026 adds to global dairy supply, pressuring commodity prices and farmgate milk values.

## Read by commodity

- MILK: bearish ▼

## Sources

- ahdb.org.uk: https://ahdb.org.uk/news/q4-rabobank-update-global-dairy-supply-surpasses-demand

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.