A Rabobank strategist suggests a global dairy price recovery is unlikely to happen until late this year, at the earliest.
Tim Hunt says it's going to be a difficult period for many of the world's producers.
Rabobank's latest quarterly dairy report says the world is still producing more milk than the market currently needs.
The report suggests improved weather and the removal of European Union quotas boosted milk production in key export regions in the second quarter of this year.
According to Rabobank, global dairy price recovery will initially be dampened by the need to work through excess stock before it gains greater momentum in the second quarter of next year.
