Market Updates – Domestic & Global
This page contains latest global and domestic market updates that are relevant to the value of milk in the Australian dairy industry. These also appear in separate updates on this site under Domestic Market Updates and Global Market Updates.
GDT Index Up 1.2%
The GDT Index delivered a small gain at event #369, +1.2% as the weight of WMP trades offset red ink across other major products and most contracts. WMP continued to push higher, averaging US$3,984/t up 4.1% on the prior GDT, with most contracts higher. SMP drifted...
Australian October Milk Up 1.3%
Milk production rose 1.3% YOY in October—the highest peak month since 2021. Season to date output was +1.7% ahead of the same period a year ago. In Victoria, October production lifted 1.9% YOY due to a 6.2% increase in Gippsland milk intake and a 3.3% YOY lift in the...
US Cheese Up 1% In October
US Cheese production increased 1% YOY in October according to the USDA, on flat manufacturing milk availability. American cheese output fell 0.2% YOY for the month—with a 3.1% decline for cheddar—while “other cheese” (including mozzarella) increased 1.7% YOY. Combined...
Fonterra NZ Lifts Milk Price, Confirms Guidance
Fonterra has raised the midpoint of its forecast milk price for 2024/25 to NZ$10kgMS, with a range of NZ$9.50kgMS—NZ$10.50kgMS, reflecting continued strength in the global dairy market. CEO Miles Hurrell said Chinese demand recovery and ongoing strong demand from...
DA Forecasts Less Milk In 2024/25
Dairy Australia (DA) continues to forecast a slight drop in national milk production to 8.3bn litres in 2024/25. While output has been ahead so far this season, drier conditions, reduced incomes and longer-term challenges around labour and farm exits will constrain...
Pulse Lifts WMP Price Again
The latest GDT Pulse event was a positive one for regular grade WMP lifting 2.9% to US$3,905/t from prices achieved at GDT #368 up 2.8% higher on the prior Pulse event. The nearest SGX-NZX futures contract settled at US$3,915/t prior to the event. Meanwhile, medium...
Euro Milk Slides
EU-27 milk production again declined, down 0.2% in September, the third consecutive monthly fall. Germany production was down 1.8% YOY for the month, and the Netherlands -2.6% YOY, while Poland was flat. France milk intake was up 3.2% YOY, and Irish supplies finally...
No Buyer For Beston
Beston Global Food Company will cease operations after administrator KPMG failed to find a buyer. Several potential parties expressed interest in the South Australian-processor but KPMG said the process failed to secure a buyer in the time frame required. The...
More Summer Rain In Australia
The latest Bureau of Meteorology long-range forecast for December to February shows above average rainfall is likely for parts of eastern Australia and greater chance of warmer than usual days and nights. Below average rainfall and warmer temperatures across parts of...
CPI Steady at 2.1%
The monthly CPI rose 2.1% in the 12 months to October, the lowest annual rate since July 2021. Falls in electricity and fuel prices were major contributors. Food and non-alcoholic beverage prices rose 3.3% in the 12 months to October, unchanged from September. Dairy...
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