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.
Pulse Edges Higher
Prices for both regular grade WMP and medium heat SMP lifted at the latest GDT Pulse event compared to last week’s GDT #363. Regular grade WMP rose 0.7% to US$3,430/t compared to GDT #363, but this was 3.7% lower than prices achieved at the previous Pulse event. The...
Australian Exports Continue To Grow
Australian dairy exports have increased YOY in each month since December 2023 in milk solids equivalent terms, led by cheese, milk powders and fats. July cheese exports rose 36.3% YOY – this mostly reflected stronger sales in Japan. July SMP exports were 15,209t...
Green Drought Bites
Dry conditions across south-west Victoria are affecting local business owners with some locals saying it is the worst drought they have ever experienced. Local state MPs are urging Victoria’s agriculture minister Ros Spence to deliver the Regional Drought Resilience...
Consumer Pessimism Bites
The latest Westpac-Melbourne Institute Consumer Sentiment index slipped 0.5% to 84.6 in September, from 85.0 in August. Westpac said consumer pessimism continues to dominate as it has done for the past two years, however, focus is shifting. Cost-of-living pressures...
Rural Bank Expects Milk Drop
Rural Bank expects milk production to decline marginally to 8.3bn litres in 2024/25 compared to the prior season. According to the bank’s latest outlook, seasonal conditions have been positive in eastern states with good pasture growth and steady fodder costs....
GDT Index Eases
This week’s GDT event #363 produced a mixed result, with a fall of 0.4% in the price index. Weaker than average demand across most commodities brought with it the first price dip in four events. SMP was easily the strongest performer on better-than-average demand....
US Cheese Exports Up In July
US dairy shipments rose 11.5% YOY in milk solid equivalent terms during July, reflecting increases in cheese, dry whey, SMP and fats. Cheese shipments were +10.1% YOY for the month, mostly reflecting stronger shipments to Mexico. NFDM/SMP exports surged in July, up...
Australian Milk Production Up 1.6% in July
Milk production rose 1.6% YOY in July, the fifteenth consecutive month of growth. Victorian milk output rose 2.5% YOY led by a 5.2% increase in Northern Victoria for July. Gippsland output was up 3% for the month, while Western Victorian output +0.2% YOY. July...
Wild Weather Hits The East
Record heat in Queensland, damaging winds in Victoria and Tasmanian floods and wind are connected, according to the Bureau of Meteorology (BoM). Two interconnected weather systems brought with them wild weather from north to south along the east coast. BoM...
Rabo Tips Milk Growth
Rabobank expects Australian milk output to grow 1.5% YOY in the 2024/25 season. Milk output rose 3.1% YOY in the 2023/24 with all states and regions recording growth, except Western Victoria where dry conditions constrained production. RaboResearch senior dairy...
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