Global milk production slowdown due to rise in production costs

Rabobank says a current slowdown in global milk production can be largely attributed to an increase in overall production costs, with steep year-on-year rises in fuel, feed, fertiliser and labour, alongside new Covid restrictions. Milk production across the Big-7 exporting regions (The US, the EU, New Zealand, Australia, Brazil, Argentina, and Uruguay) contracted year-on-year in Q1 2022 for the third consecutive quarter despite higher farmgate prices. The milk output for the first half of 202