UK: October 2024 dairy market review

GB milk deliveries for October 2024 reached 1,029 million liters, marking a 2.5% increase from the previous year, with daily deliveries averaging 33.2 million liters. Despite a slight decrease of 0.2% compared to the same period in 2023, the production for the first half of the year is slightly ahead, driven by beneficial market conditions and favorable weather. Northern Ireland's milk production has also hit record highs. On a global scale, milk deliveries saw a marginal decrease of 0.1%, with notable increases in Australia, New Zealand, and the US, but decreases in Argentina and the EU. The EU's short-term outlook anticipates a slight increase in milk deliveries for 2024 and a marginal decrease for 2025. Milk prices have remained stable but export volumes may be limited due to weak global demand and price competitiveness. Despite some market uncertainty, the milk to feed price ratio remains in the expansion zone, indicating potential for milk supply growth.

GB milk deliveries are estimated to have totalled 1,029 million litres in October 2024, a rise of 2.5% compared to the wet October 2023. Daily deliveries averaged 33.2 million litres per day. Production for this year’s milk season so far (April-October) sits at 7,259 million litres. After a steady start to the year, a surge in Autumn production boosted overall output which is now only down marginally by 0.2% compared to the same period in 2023. A combination of an attractive milk to feed price ratio, favourable weather and reports of increases in Autumn block calving has benefitted milk volumes, pushing production ahead of forecast. Northern Irish milk production has been trending above 2023 levels for most of the year. Comprising 17% of total milk production, northern Irish milk production rose to a record high between April and August this year. After the very wet September the ground has been drying well and with mild conditions many cows are still out which should take ...