Milk markets globally are shaping up favourably for farmers after a difficult 2023, with Ornua anticipating that milk prices could be approaching the 40c/l mark in spring 2024, the Irish Farmers Journal’s Dairy Day event heard.
Tighter dairy supplies globally come on the back of three successive years of slow growth and unlike the supply jump which occurred 12 months ago as the sector was leaving a period of record prices, any increase in 2024’s output will come from a lower-cost base, Bord Bia dairy specialist David Kennedy said.
“This time last year, maybe last September, October, global prices were really, really strong and the taps got turned on and all of a sudden, the glut of global milk produced was at expensive levels so that stock was sitting around the place for the first half of this year,” Kennedy explained.
“What you have this year is that the product being produced is at a much more manageable level and will land on shelves at a much more manageable level, so that brings consumption back-to-back into play.”
Head of global ingredients at Ornua, Bernard Condon, echoed Bord Bia’s sentiment of a positive supply-demand dynamic emerging for farmers in global dairy markets.
Ornua is anticipating a milk price in the high thirties or possibly above 40c/l if prices and sentiment hold, Condon stated.
Read more
Dairy Day: almost 40% increase in consumer trust for dairy farmers
Dairy Day: milk prices could be on way back to 40c/l in 2024
News Podcast: Dairy Day, derogation and fertiliser sales
Continued focus on water quality essential for dairy future
Milk markets globally are shaping up favourably for farmers after a difficult 2023, with Ornua anticipating that milk prices could be approaching the 40c/l mark in spring 2024, the Irish Farmers Journal’s Dairy Day event heard.
Tighter dairy supplies globally come on the back of three successive years of slow growth and unlike the supply jump which occurred 12 months ago as the sector was leaving a period of record prices, any increase in 2024’s output will come from a lower-cost base, Bord Bia dairy specialist David Kennedy said.
“This time last year, maybe last September, October, global prices were really, really strong and the taps got turned on and all of a sudden, the glut of global milk produced was at expensive levels so that stock was sitting around the place for the first half of this year,” Kennedy explained.
“What you have this year is that the product being produced is at a much more manageable level and will land on shelves at a much more manageable level, so that brings consumption back-to-back into play.”
Head of global ingredients at Ornua, Bernard Condon, echoed Bord Bia’s sentiment of a positive supply-demand dynamic emerging for farmers in global dairy markets.
Ornua is anticipating a milk price in the high thirties or possibly above 40c/l if prices and sentiment hold, Condon stated.
Read more
Dairy Day: almost 40% increase in consumer trust for dairy farmers
Dairy Day: milk prices could be on way back to 40c/l in 2024
News Podcast: Dairy Day, derogation and fertiliser sales
Continued focus on water quality essential for dairy future
This is a subscriber-only article
SHARING OPTIONS: