GDT Event 395: Bearish sentiment persists despite futures uptick

Since the previous Global Dairy Trade (GDT) event, market sentiment has remained bearish. Event 395 may provide further directional signals, while international futures markets have trended negatively in the US, the EU, and SGX (to a lesser extent). From a supply perspective, 2025 shaped up to be a record year for milk production. The main producing and exporting regions, New Zealand, the US, and the EU, have recorded a combined year-to-date (YTD) increase of 3.45 billion kilo through October.