Dairy markets in the first half of the year saw weak supply growth.

Rebuilding the dairy herd is going to be a slow process.

The first quarter of 2024 saw weak supply, with milk production running lower than in 2023.

Companies are making large investments in new plants, and milk availability could be an issue.

End users don’t want to see purchasing budgets blown up again in 2024.

In the US pricing system, higher make allowances mean lower minimum milk prices.

It is hard to pin down the exact macroeconomic drivers of a slowdown in demand.

In 2022 the US exported 70% of the NFDM/SMP produced.

Exports are becoming an increasingly important part of the US cheese industry.

An analyst describes the dairy market as vitious.