News and Events
26 Jan 2026
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How did global milk production perform in December 2025?
What was the global trend in milk production?
Except for Australia, milk production among the main producers remained abundant at the end of the year in December. The year-on-year increase in the combined milk supply of the world’s leading exporters is weighing on commodity prices and is being reflected in the raw milk prices paid to farmers in many regions.
How did EU milk production and raw milk prices change?
The milk deliveries within the EU-27 have continued to grow in November 2025: 11.44 million tons of milk were collected (+3.5% vs. 2024). Milk collection was particularly dynamic in Germany, France and Poland. The increase in supply in the EU and elsewhere in the world is still weighing on commodity prices. Raw milk prices are now trending downward across the EU. On average, the EU price reached US$58.54/100 kg (-4.5% vs. October 2025 but +2.9% vs. November 2024).
Why did US milk production rise despite falling raw milk prices in late 2025?
In the United States, margins on dairy farms began to narrow in autumn 2025, but not sufficiently so far to curb production. In November 2025, milk production was still increasing year on year in the country, at 8.52 million tons (+45% vs. 2024). However, the earlier-than-elsewhere decline in butter and milk powder prices is weighing on raw milk prices. They were once again down in November, at US$43.43/100 kg (-1.5% vs. October 2025 and -18.6% vs. November 2024). Notably, the United States, which had so far been a net importer of butter, became a net exporter in 2025.
How did New Zealand’s seasonal milk peak affect production and prices?
In New Zealand, after the seasonal peak in October, milk production continued at high levels in November 2025. More than 2.95 million tons (+2.4% vs. 2024). However, as elsewhere, commodity prices are suffering from increased availability on the global market. After reaching record levels in the 2024/25 dairy season, raw milk prices began to decline, with the downturn accelerating in November. The price reached US$38.69/100 kg (-6.9% vs. October 2025 and -14.0% vs. November 2024).
What factors are keeping China’s milk prices under pressure during dairy recovery?
China’s recovery from the dairy crisis is proving slow. Domestic raw milk prices remained under pressure as the global economic environment deteriorated. In November 2025, Chinese raw milk held steady. It reached US$42.64/100 kg (-0.1% vs. October 2025 and -1.5% vs. November 2024). In order to revitalize its dairy sector, the Chinese government, under the guise of anti-dumping measures, has implemented additional tariffs ranging from 21.9% to 42.7% on cheese and cream originating from the EU.
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