Dairy margins deteriorated in late August as milk prices declined amid mixed feed costs. The All Milk Price averaged $20.80/cwt (£15.39) with a 4.13% butterfat test, down 50 cents (£0.37) from June and $2.00 (£1.48) below July 2024. July dairy exports totalled 248,607t, up 9.6% from last year but down 2.7% from June. Cheese exports rose 29.3% to 114.9m/lbs, led by Mexico, while butter shipments surged 206.4% to 18.5m/lbs, the highest since March 2013. Rabobank’s Global Dairy Top 20 report highlights Lactalis as the world’s largest dairy company, with Nestle second and Dairy Farmers of America leading in the US.