Global Market Updates
Milk from Australian dairy farms are made into products that are sold locally and in countries around the world. Understanding what is happening in all these markets will provide an insight to important trends that strongly influence Southern Region farmgate milk prices. Keep up to date with the latest global dairy market developments
Pulse Prices Mixed
This week’s GDT Pulse event was mixed for powders and fats. The average WMP price settled at US$3,410/t, rising +0.6% from last week’s GDT #407 but -2.2% lower than the previous Pulse event. SMP averaged US$3,120/t, rising +0.6% on prices achieved at GDT #407 and...
French Milk Growth Slows
In latest available data for week 27 (ending 4th of July 2026), French milk output fell 3.4% YOY, the second consecutive weekly decline due to the recent heat wave. In the same week, UK supplies declined 4.8% YOY. German milk production growth slowed to +3.6% in week...
Weaker GDT Demand Drags Down Index
GDT #407 was another event with softer demand from North Asia and stronger Southeast Asia buying. However, any lift in demand was offset by seasonally higher product on offer. The index declined 4.9%, down for a third consecutive auction. Fonterra C2 Regular WMP fell...
Global Demand Expected to Remain Soft
Ever.Ag's latest Global Dairy Directions outlook is murky with plenty of milk expected, at least in the US. European milk output growth has slowed but remains ahead of expectations. Parts of the continent are growing at impressive rates, but the heat wave in June and...
Powders Decline at Pulse Event
Powders eased further at this week’s Pulse event with another correction for SMP and WMP. The NZ regular WMP C2 price settled at US$3,485/t, -0.4% lower than last week’s Pulse event. Instant WMP was flat, settling at US$3,595/t. SMP prices declined. NZ Medium Heat C2...
Fonterra’s 2025-26 Record Milk Output
In its latest Global Dairy Update, Fonterra reports milk production of 1,570m kgMS in the 2025-26 season, up +4.1% on the season prior. The coop’s milk output rose 5.8% YOY to 81.5m kgMS in May, the biggest May output on record due to favourable pasture conditions. In...
Powder Prices Decline
This week’s Pulse event brought another price correction for SMP, WMP and AMF. GDT unable to publish a settle price for butter as the winning price was assessed as being non-market determined. The NZ regular WMP C2 price settled at US$3,500/t, down 1.4% from GDT #406...
NZ Season Finishes on a High Note
New DCANZ data shows the 2025–26 New Zealand dairy season set an all‑time production record. May production rose 5.0% year-over-year on a solids basis, with the season finishing +4.5% ahead of the prior season. On a tonnage basis, milk output lifted +3.6% YOY for the...
GDT Index Declines
Event #406 delivered another weaker outcome with price declines across all major products as demand, especially from North Asia (China), remains soft. The index decreased 2.8%. Fonterra C2 Regular WMP dipped 4.1% to US$3,550/t — just US$5/t lower than the price...
EU Milk +2.4% YOY in April
We estimate EU April milk production increased 2.4% YOY. This includes YOY growth in France (+1.1%), Germany (+6.0%), the Netherlands (+4.0% YOY), Poland (+3.7%), Denmark (+2.8%), Sweden (+5.0% YOY) and Austria (+7.2% YOY). Milk production increased by 5.09bn kg since...