Although dairy prices rose a modest +0.5% today from two weeks ago, those looking ahead see a track higher. Chinese buyers returned and Chinese demand is creeping up to long term averages. We have previously noted the pullback in exports from Australia, with more imports likely from them. And environmental regulations have driven a substantial drop in European milk production recently. These are among the factors that has brought the first estimate for 2024/25 farmgate milk payout estimate - from Westpac who see an $8.40/kgMS. Given that on-farm cost pressures are receding (below), that should enable more farmers to ... (full story)