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02 Jun 2026
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What is the global raw milk price trend in April 2026?
What is driving global milk price trends?
The Milk Market Outlook for April 2026, based on March 2026 data, shows that global milk production remains high across major exporting regions. While farmgate prices continue to show regional divergence, the overall market trend is stabilizing after previous declines. Commodity movements and currency effects remain key drivers of price evolution.
How is milk production evolving in the EU in April?
March Milk production in the EU remains at elevated levels, putting downward pressure on farmgate prices. Raw milk price declined again, both in euros and more sharply in US dollars, reaching US$49.78 per 100 kg (down 4.1% m-o-m and 13.4% y-o-y). Output reached 13.41 million tons, up 4.3% year-on-year (+549,000 tons). Major producing countries experienced growth, with the notable exception of Ireland.
What is happening in the US milk market?
In the US, there are no signs of change in dairy markets in terms of production. The dairy herd remains large, with a relatively limited number of culls, and production continues to increase and reached 9.25 million tons (+2.3% or +211,000 tons year on year).
However, the brief rebound in butter prices and the rise in SMP prices have recently supported producer milk prices. The US raw milk price continued its slight rebound, at US$43.43/100 kg (+7.7% vs. February 2026 but -10.5% vs March 2025).
What is the milk market situation in New Zealand?
Fonterra, the main cooperative in NZ, continues to offer strong prices to farmers as SMP prices have risen sharply in the country. The sector continues to produce three months before the end of the campaign.
In March 2026, NZ production reached 1.94 million tons (+9.8% or +172,000 tons vs. 2025). In NZ dollars, NZ raw milk price remained flat in March 2026. But due to the decline against the US dollar, the price fell to US$42.41/100 kg (-2.2% vs. February 2026 and -2.5% vs March 2025).
How are milk prices behaving in China?
Milk prices in China have remained stable in local currency but declined in US dollars. In March 2026, the milk price reached US$42.81 per 100 kg, down 2.6% from February 2026 but up 0.8% compared with March 2025.
In February, the rebound in dairy commodity prices was partly driven by buyers who, anticipating that the market had bottomed out, entered positions to hedge. In addition, the uncertain geopolitical environment also played a significant role. Overall, despite ample supply, the downward trend in prices has come to a halt.
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