IFCN Combined World
Milk Price Update

June 2026

The IFCN World Milk Price stabilized with marginal decline in June by -0.2% compared to the previous month. This is a stabilization of the price after fifth consecutive month where world milk price indicator increases.

The world milk price indicator went through volatility since last May, when milk price was also around 52 USD. It took seven months for milk price to decrease by 9 USD or 17%, and only four months to return to the same level.

Commodity prices

Most of the main dairy commodity prices declined in June, with exception of whey powder which increased by 5.7% and skim milk powder with marginally increased. Skim milk powder showed high upward movement since the beginning of the year, underlining demand for protein commodity and storable commodity in main importing regions. Butter price also showed only marginal decrease, which means stabilisation after quite volatility in the last 12 months. Cheese and whole milk powder moved moderately lower, showing saturation of current demand.

Milk supply

Milk supply side is still positive and growing above the long-term average, with all main regions still growing. Important for market dynamics is that New Zealand is at the bottom of its seasonal milk output curve, which means that the preparation for upcoming season are coming, but not much raw milk is coming from the region at the moment. US still keeps positive momentum in milk production.

EU Dairy Market

The EU has mixed picture, with country like Germany showing still strong milk production, and figures for number of dairy cows show that dairy herd is still stable and production is there. On the other side, country like France is experiencing more supply issues with unfavourable spring forage growth and expected strong drop in milk supply due to heatwave in end of June.

Farm costs

On the side of farm costs, stabilisation in geopolitical situation in the Middle East eased down oil and fertiliser prices, which also pulled feed prices down. However, the prices remain sensitive.