Global dairy prices under pressure Rabobank Q4 outlook
Global dairy markets softened through Q3 2025 and fell sharply in Q4 2025. In Oceania, spot prices (in USD) for the dairy commodity complex remain weak. Butter has led the decline, down 9% since the beginning of October, and 24% below its peak earlier this year. Whole milk powder (WMP) and cheese have followed suit,…