Market watch: From Australian milk prices to China’s dairy demand

Australian farmgate milk prices will ease from record highs during this season, according to the Australian Agriculture Outlook of the Rural Bank. In 2023, the lowest Australian milk production in 30 years drove competition between processors to secure supply. Processors offered an average of a record high AUS $9.50 (US$6.47) to AUS$9.80 (US$6.68) per kg milk solids in 2023. The Rural Bank expects that production will remain tight and competition to secure supply will support opening farmgate