Global commodities hit high

Global commodities hit high

The UN Food and Agriculture Organisation’s (FAO) food price index hit a ten-year high at 130.0 points in September, up 1.2% from August and 32.8% higher than in September 2020. According to the FAO, tightening supply and robust demand for staples such as wheat and...
EU milk starting to recover?

EU milk starting to recover?

Estimated EU milk output rose 2.1% YOY in August, a 3-month high. This estimate is based on 15 member countries that have published August data on Eurostat, jointly accounting for 45% of average monthly EU-27 deliveries. Stronger output in Ireland (+5.4%), Poland...
Global commodities hit high

Cheese prices recover

After falling to as low as US$2,883/t, cheese barrel prices have recovered, with latest CME quotes at US$3,263/t. CME cheese blocks have also rebounded to US$3,946/t, with the blocks-to-barrels spread back to where it was on August the 10th (US$683/t). According to...
Global commodities hit high

EU: Commodities continue to trend down

Recent commodity prices for SMP and butter continue to trend lower. Since the start of June, butter prices have corrected, with German butter selling for €3,900/t, down €100/t since the beginning of July. Butter from the Netherlands was priced at €3,750/t last week,...
Global commodities hit high

US Cheese prices recover

CME cheese prices rebounded since last week, driven by more export orders and lower local supplies driven by a shortage of 640lb product containers. Both factors have more than offset weaker retail demand. This week on CME, cheese block and barrel prices lifted to...
Global commodities hit high

Fonterra announces 2021/22 range

Fonterra announced an opening forecast Farmgate Milk Price for the 2021/22 season with a huge range of $7.25 – $8.75 per kgMS, a midpoint of $8 per kgMS. It narrowed its 2020/21 forecast Farmgate Milk Price range, which reduces the midpoint by 5 cents to $7.55...