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Indian milk output has grown about 3% a year, but the share of higher-fat buffalo milk has fallen from roughly 60% to 45%, leaving dairy fat short. Processors draw more cow milk for fat, which builds surplus skimmed milk powder stocks with limited domestic demand.
Surplus Indian skim milk powder may add export supply that caps global powder prices, while fat shortages support butter and ghee demand and prices.
ukragroconsult.comNov 13, 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.
