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RaboResearch forecasts a 0.2% year-on-year contraction in combined milk production across seven leading dairy-exporting regions in Q4 2026, with stability in the first half of 2027. It expects lower European milk deliveries to be offset by US expansion and record New Zealand output, with milk powder prices expected to hold up better than butter.
A slight supply contraction after a year of abundant exportable supply could gradually rebalance the market, supporting powder prices more than butter prices. Buyers of dairy-based feed ingredients such as whey and milk powders should watch for firmer powder pricing.
dairynews.todayEkaterina PetrovaNov 13, 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.
