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.
No fines for climate laggards
Agriculture minister Murray Watt says farmers operating outside developing government regulation and policy regimes and supply chain and banking frameworks will likely punish themselves by potentially losing access to markets and finance. The Department of...
WMP falls on Pulse
Regular grade WMP fell to US$3,155/t at this week’s GDT Pulse event, down 2% compared to GDT auction #351 and 2.3% behind the previous Pulse result. The March 2024 SGX-NZX WMP futures contract settled at US$3,180/t– just US$25/t higher than the achieved C2 regular WMP...
Coles signals pressure back on suppliers
Coles CEO Leah Weckert has conceded the retailer wants to shift the conversations on prices with suppliers as commodity values decline. Consumers expect prices to come down in the supermarket aisles as commodity values fall and Weckert expects the entire supply chain...
Petition mounted to maintain NZ export ban
In response to the new government’s pledge to repeal a ban on live exports, a parliamentary petition started by former National Animal Welfare Advisory Committee chairperson Dr John Hellstrom has garnered more than 17,000 signatories since it was started on the 23rd...
GDT index falls
The overall decline in prices at event #351 sent the GDT index down 2.3%. The decline was widely expected with weakness in SMP in the past couple of weeks as higher milk output in the EU spring looks more likely. The weaker demand outlook for WMP post-Chinese New...
US cheese output down in January
Cheese production fell 1.2% YOY in January according to the USDA, compared to an estimated 1.3% decline in the availability of “manufacturing milk.” American cheese output declined 5.5% YOY for in January (with a 7.9% decline for cheddar) while “other cheese”...
Dairy Australia much more upbeat
Better than expected weather conditions and a supply-led rebound in commodity values have fed current optimism, lifting current season milk production 1% against flood-affected comparables. Reduced on-farm debt has reduced exposures to high interest rates, while...
ABARES’ bleak dairy outlook
Australian milk production will lift 1.8% to 8.3bn litres in 2023/24 as higher yields offsets the effect of a smaller herd. That’s according to the March 2024 Agricultural Commodities report from the Australian Bureau of Agricultural and Resource Economics and...
Pulse drops
Prices for WMP and SMP slid compared to GDT event #350 and the previous event, at this week’s Pulse auction. Regular WMP C2 prices fell US$100/t to US$3,230/t from GDT #350, down US$105/t from the Pulse event #44. Medium heat SMP fell US$75/t from GDT #350 to...
NZ: Milk down 0.6% in January
New Zealand milk production fell 0.6% YOY in January on a solids basis, according to DCANZ. Despite the fall, season-to-date solids production is now tracking 0.8% ahead of prior year, as soil moisture levels have dropped in some dairying regions. On a volume...
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