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EU butter production is forecast to decline 1.7% to 2.26 million tonnes in 2027 as stronger returns encourage processors to allocate more milk to cheese. High butter stocks, which reached a 10-year high in June 2026, are expected to help cover domestic and export demand; 2026 production is estimated to rise 2.9%.
Milk diverted to cheese and lower deliveries constrain butter production, but large inventories cushion availability and limit upward price pressure. This points to a modestly tighter production balance rather than an immediate shortage.
thedairysite.comMelanie EppNov 10, 2026After 136 past neutral report events, Milk (Class III) moved a median -0.1% over 5 sessions (43% higher; middle half -0.7% to +0.5%), and -0.3% 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.
