The article describes slowing Indian milk-production growth, with output growth projected to ease to 2.5% in 2026 and 2% in 2027, alongside El Niño-related feed and fodder constraints. It also points to exports drawing down dairy-fat stocks and reports recent price increases by Amul and Nandini as ghee prices rise.
Tighter fodder and slower milk growth may reduce milk-fat availability while demand and exports compete for supply, supporting ghee and butter prices. Lower feed availability can also constrain dairy production.
After 32 past bullish weather events, Milk (Class III) moved a median +0.1% over 5 sessions (50% higher; middle half -0.7% to +3.4%), and +3.2% 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.