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Global Dairy Trade index rose 6.7% on February 3, with SMP up 10.6%, but US Class III milk futures remain around $14.59, the lowest since July 2023. US milk output is running about 4.6% above last year, and New Zealand and EU collections are also rising.
Seasonal buying from China, the Middle East and Algeria may mask an ongoing supply surplus, so the rally may not hold and dairy-based feed ingredients may not sustain gains.
thebullvine.comAndrew HuntFeb 5, 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.
