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Dairy Prices End 2023 on a Downward Trend, 2024 Outlook Hinges on Global Demand

World 25.01.2024
Source: The DairyNews
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Dairy prices concluded 2023 on a downturn, prompting considerations for the outlook in 2024. Katie Burgess, the Director of Risk Management for Ever.Ag, shared insights into the expectations for the dairy market in the upcoming year.
Dairy Prices End 2023 on a Downward Trend, 2024 Outlook Hinges on Global Demand
Source: freepik.com
The 2024 outlook for dairy prices is characterized as "middle of the road." The anticipation is for an improvement compared to 2023, but uncertainties and challenges persist.

Global milk supply is showing signs of tightening, which could potentially contribute to higher prices. However, concerns revolve around the demand side, with key markets like China, Southeast Asia, and Japan reducing their purchases.

The success of the dairy industry in 2024 hinges on an uptick in demand for dairy products. The decline in demand from major customers poses a significant challenge.

Burgess emphasizes the importance of monitoring global demand dynamics and highlights that success in the dairy market will depend on a substantial increase in demand.

The lesson learned from 2023 is that prices can fall more than anticipated, underlining the volatility and unpredictability in the market.
Producers are encouraged to consider risk management tools such as the Dairy Margin Protection Program via the FSA office or Dairy Revenue Protection Insurance to safeguard against potential downside risks.

The 2024 dairy market outlook is marked by a delicate balance between tightening milk supply and the challenges posed by subdued global demand, emphasizing the need for proactive risk management strategies.
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