Global milk production will grow by 1.4% in 2020 – IFCN
At the end of the year, the growth of milk production is expected to slow down. In October 2020, compared to September, production decreased by 5.1%, but compared to 2019, the indicator is 0.9% higher. The average price of milk in 2020 on the world market will be 36.4 dollars per 100 kg (26.8 rubles per kg at today's exchange rate), which is a good level for such a difficult year.
In the first quarter of 2021, IFCN expects milk prices to fall to $ 33 per 100 kg, then increase to $ 35 per 100 kg. The recovery of GDP growth, which stimulates demand, and the growth of feed prices will be factors for the growth of milk prices in 2021. In 2020, feed prices remained at a fairly high level, largely due to lower yields in some regions due to bad weather conditions against the background of growing demand for feed from China. Milk production may decline in 2021 as feed prices rise and farmers' profits fall.
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