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.
US milk prices up in February
The all-milk price rose in February according to USDA’s latest Ag Prices report. The all-milk price of US$0.47/l was up 2.5% from the prior month but still 4.6% lower YOY. Average MPP farmgate margins rose by 11% between January and February to $10.5/cwt, reflecting a...
Australian milk up 8.7% in February
National milk production rose 8.7% YOY in February, bringing season to date output 3.1% ahead. In releasing the data, Dairy Australia noted the impact of a an extra day to February collections, with the leap year adjusted increase around 5%. Victoria led the way, up...
Australian inflation holds for third month in a row
Annual inflation was steady at 3.4% in the 12 months to February, 0.1% lower than forecast, as measured by the Australian Bureau of Statistics (ABS) monthly consumer price index. Food prices are easing as overall inflation in food and beverages rose 3.6% in the 12...
Prices down at Pulse auction
The latest Pulse event saw both WMP and SMP prices ease. Regular WMP sold for US$3,060/t lost 1.1% from the GDT event #352 last week and was down 3% from the previous Pulse auction. Instant WMP settled at US$3,155/t. Meanwhile, medium heat SMP prices settled at...
EU milk down 0.9% YOY in January
EU27 -milk production declined 0.9% YOY in January, based on complete Eurostat and AGEA data. This follows a 0.7% YOY fall in December. January production declined 2% YOY in Germany, France was 0.3% lower. Irish production continues to be affected by wet weather, with...
Australian consumer confidence dips again
Consumer sentiment has weakened according to Westpac-Melbourne Institute index, which fell 1.8% to 84.4, from the February reading. The 12-month outlook for the economy was down 4.5% and the 5-year outlook rose 1.1%. The measure for household finances also fell 1.4%...
Dry Australian weather outlook
The Bureau of Meteorology’s (BoM) latest long-range forecast for April to June is for below average rainfall in large parts of the south and east of Australia with warmer than usual days and nights across most of the country. High streamflows are forecast for most...
GDT down again
The price index fell 2.8% at this week’s GDT auction #352 on a reduced offering. Weakness in SMP markets was reflected in the 4.6% decline in SMP price to average US$2,517/t, a 6-month low. Chinese buyers took their lowest tonnage since May last year. WMP prices lost...
US Feb milk production down 1.3%
US milk production fell 1.3% YOY in February according to the USDA, mostly reflecting a continuing decline in the dairy herd. In YOY terms, February average yield per cow was down 0.4% YOY while cow numbers were down 0.9%. At 9.330m, February cow numbers were up...
Fonterra NZ narrows milk price range, lifts profits
Fonterra New Zealand has released interim results for FY2024 reporting net profit after tax jumped 23% to NZ$674m, driven by increased EBIT (+11%) and a dip in financing costs, down 43%. Fonterra reported a drop in earnings of NZ$383m for its Ingredients category...
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