If we’re just looking at volume, the export outlook for the second half of 2024 and early 2025 is generally steady, but that isn’t necessarily a bad thing. Exports are a function of how much product is available in the U.S., how much is available from the other major exporters, and the demand for imported dairy products. Growth in U.S. milk production is expected to be weak while the growth prospects for Europe look stronger in Q4/Q1. Combined with global demand that is growing slowly, there isn’t much need for U.S. exports to grow rapidly in the next 12 months. The only exception might be cheese depending on how quickly new processing capacity comes online.
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