Dairy Trade: Good Times and Uneasy Warnings
Global dairy trade is enjoying bullish momentum thanks to strong demand, rising commodity prices, and shifting supply constraints. Export volumes of U.S. cheese climbed 16% year-on-year, while exports of anhydrous milk fat surged 448% in early 2025. However, underneath the surface of these gains lie fragilities—volatile input costs, stretched supply chains, and concentration of processing…