Rabobank expects Australian milk output to grow 1.5% YOY in the 2024/25 season.  Milk output rose 3.1% YOY in the 2023/24  with all states and regions recording growth, except Western Victoria where dry conditions constrained production.

RaboResearch senior dairy analyst Michael Harvey said seasonal conditions remain mixed across key dairying regions.

According to the Q3 report, global dairy markets remain balanced but sensitive to change with next year potentially bringing significant shifts as production lifts and markets adjust. Rabobank forecasts global milk supply to grow 0.14% YOY in 2024.  Across the seven largest dairy exporting regions, combined milk production has only grown in three quarters since the second half of 2021. The 2025 forecast suggests combined growth of 0.65% YOY for the EU, US, New Zealand, Australia, Brazil, Argentina and Uruguay.