Mixed bag in GDT event 310

Mixed bag in GDT event 310

This week’s event provided an interesting set of outcomes. The index lost 1.3%, weighed down by the weaker WMP (worse in some contracts), a moderate loss for AMF and the slump in cheddar. Despite a little more product coming on in the next few events, SMP prices...
Fonterra adjusts GDT volumes

Fonterra adjusts GDT volumes

Fonterra announced it has added 8,000t of SMP and 3,785t of butter to its 12-month offer volume forecast, adding the volumes to auctions between July and November due to product mix optimisation and strong market demand. With the adjustment to SMP offer volumes, there...
Draft plan for NZ emissions pricing released

Draft plan for NZ emissions pricing released

The primary sector climate action partnership He Waka Eke Noa (HWEN) in New Zealand has released its draft framework to reduce agricultural greenhouse gas emissions, proposing to price farming emissions and incentivise reductions. Under the plan, farmers will pay for...
Fonterra adjusts GDT volumes

USDA lowers milk growth forecast

In its June WASDE report, the USDA milk production forecast for 2022 was lowered by 0.2% points from the previous month, reflecting lower average growth in per cow yield. Milk output is now expected to be flat YOY at 102.7bn kgs in 2022 after a 1.3% YOY lift in 2021....
US April cheese output near flat

US April cheese output near flat

US cheese production rose 0.1% YOY in April according to the USDA, despite lower raw milk supplies. American cheese output fell 2.7% YOY for the month (with a 5% YOY fall for cheddar on a strong comparable) while “other cheese” (including mozzarella) lifted 2.3% YOY....
US April cheese output near flat

US April cheese exports remain strong

US cheese exports were 41,585t in April, a similar volume as in March and 2.4% above the prior year comparable, bringing shipments for the year to date ahead by 9.6%. The monthly volume was highest on record for the month of April and ranked second all-time only...