Commodity market prices continue to soften but EU and international stocks are running low. Despite this there is still no justification for an overly-depressed outlook on milk prices (and significant cuts), but there are bound to be plans afoot in some quarters I'd have thought for a 'price correction' from May 1.1 hope, if it materialises, it will be minimal. Dairy farmers who can't make a turn at these current prices are likely to struggle on until the replacement for entitlements and the Single Payment Scheme (Basic Area Scheme) is confirmed and fully tradable (expected to be in 2016). If, at that time, they are unable to receive a stable realistic return of Cost of Production + Margin, then I can see a significant exodus and consequent reduction in production.
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