What Milk Production's Slowdown Means for Dairy Stockpiles

Global milk production growth is slowing after a record expansion, as lower milk prices, higher feed costs and adverse weather weigh on supply. Nate Donnay, Director of Dairy Market Insight at StoneX, explains where milk supply growth is cooling fastest and why global dairy buyers are still stockpiling. EU milk production growth has slowed more sharply than in the U.S., where a dairy herd that added 388,000 cows in two years keeps output growing. Dairy imports outside China are up 8.3% over 12 months across cheese, butter and milk powders, with signs of stockpiling tied to supply fears. During El Niño periods, New Zealand milk production has tended not to grow in the fourth and first quarters. Download the StoneX 2026 Commodities Outlook: https://www.stonex.com/en/insights/commodities-outlook/?utm_source=youtube&utm_medium=qr_code&utm_campaign=mi_outlook_q4_26 Discover Actionable Dairy Insights with StoneX Plus: https://shop.stonex.com/collections/dairy?utm_source=youtube&utm_medium=qr_code&utm_campaign=mi_outlook_q_426_sxtv_nate_donnay 00:00 - Milk Boom Meets Hungry Buyers 00:41 - Global Milk Growth Loses Steam 01:12 - Europe's Milk Takes the Hit 02:25 - Dairy Imports Hide Stockpiles 04:48 - U.S. Dairy Herd Outruns Prices 06:53 - El Niño and New Zealand Milk Like and subscribe for more financial market insights. #StoneX #Dairy #NateDonnay #ElNino --------- Like this video? Subscribe and turn on notifications so you don't miss any videos from StoneX: https://www.youtube.com/@StoneX_Official Visit https://www.stonex.com/en/insights/thought-leadership/?utm_source=youtube&utm_medium=social for insights, perspectives and thought leadership from StoneX's global network of experts. Visit our website: https://www.stonex.com?utm_source=youtube&utm_medium=social