Rising farmgate milk prices and favorable feed costs are improving dairy farm margins, while global dairy demand remains mixed amid economic pressures. Milk supply growth turns positive“RaboResearch expects 0.5% milk supply growth from the Big 7 export regions in the second half of 2024, driven by significant seasonal peaks in Oceania,” says Michael Harvey, Senior Dairy Analyst at RaboResearch. “Supply growth will maintain its momentum in 2025, with gains expected in all Big 7 exporting regions for the first time since 2020.”RaboResearch forecasts milk supply growth of 0.8% in 2025. Affordable feed costs and improved weather are supporting milk supply growth. Global dairy demand remains mixedGlobal dairy demand dynamics remain mixed, with consumer spending still under pressure across many economies.