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
GDT Index Rises
GDT event #372 reversed last week’s price index loss, adding 1.4% for the first gain in three events. WMP retraced three events with gains of 4.8% across contracts to lift prices on average to US$3,988/t. Fonterra removed 1,500t from C3 and C4 prior to the event....
NZ December Milk Up 1.4%
New Zealand milk production rose 1.4% in milk solids terms in December, taking seasonal output +3.7% ahead of the season prior. According to NZX, December recorded the strongest solids output since December 2020. It was the lowest monthly growth since June 2024....
SMP Unchanged On Pulse
Prices were mostly unchanged at the first Pulse event of 2025, increasing from GDT #371 last week. Regular grade WMP settled at US$3,770/t up 0.5% on the C2 price achieved at GDT#371 and 1.8% higher than the previous Pulse event. The nearest futures contract settled...
Australian Exports Up In November
Australian exports rose in 46.8% YOY in November, in milk solids equivalent terms, increasing YOY in every month since December 2023, led by cheese, milk powders and fats. Exports increased most major commodities (except dry whey, lactose, infant formula and milk...
GDT Index Down 1.4% In First 2025 Event
The GDT Price Index lost 1.4% for the lowest overall result since mid-October at event #371. WMP was weaker in general compared to the previous auction, down 2.2% to average US$3,804/t. Losses for regular product averaged less than US$100/t for C1-C4 but were smaller...
US Cheese Output Down 1.7% In November
US cheese production declined 1.7% YOY in November according to the USDA, on a 1.3% fall in manufacturing milk availability. American cheese output fell 4.9% YOY for the month - with a 3.4% decline for cheddar - while “other cheese” (including mozzarella) increased...
GDT Prices Decline
The GDT price index lost 2.8% with red ink across most products and contracts at GDT event #370—the last auction of 2024. WMP ended its run of gains recording losses across all contracts, and falling 2.4% on average to US$3,890/t. The bumpy ride for SMP continued,...
EU-27 October Milk Up 0.7%
EU27 milk production again rose 0.7% in October, the second consecutive monthly increase according to Eurostat and AGEA (Italy). The expansion mostly reflected increases in Ireland (+14.8% YOY), Poland (+3.3% YOY) and France (+1.1% YOY). Supplies continued to lag YOY...
Prices Ease On Pulse
Regular grade WMP prices settled at US$3,900/t at last night’s auction, down 1% from GDT #369 and 0.1% lower than the previous Pulse event. The nearest SGX-NZX futures contract finished US$40/t higher at US$3,940/t. Medium heat...
Irish Milk Lifts
Irish milk intake totalled was up 14.8% YOY in October, according to the Irish Central Statistics Office (CSO) on low year-ago comparables. When compared to October 2022, milk production was down 2.4% for the month. Year-to-date (January to October) milk intake is...