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USDA's FAS New Delhi office projects India's milk production at 226.5 million tonnes in 2027, with growth slowing to 2%. El Niño-linked drought is expected to reduce green and dry fodder and feed availability and to add heat stress on animals.
Reduced fodder and feed availability in India could tighten domestic dairy supply and raise feed costs, though the effect on global dairy and feed prices is limited.
After 42 past weather events, Milk (Class III) moved a median +0.2% over 5 sessions (52% higher; middle half -0.9% to +2.5%), and +2.0% 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.