""Panic buying" appears to have broken out in the global dairy trade as supply constraints ratchet prices up into uncharted territory, according to agricultural forecaster Agrifax.
News of the surge follows the European Union's decision last week to scrap its dairy export subsidies in a move expected to cut dwindling European dairy production further.
The drought in Australia, increasing use of land to grow corn for biofuels in the US, and Westernised diets in rapidly developing regions such as Asia and the Middle East are driving a surge in dairy prices, and supply can't keep up with demand."
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