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 books 2.3% price increase
GDT event #348 resulted in price increases across the commodity board with the exception of new kid on the block mozzarella. WMP prices rose 1.9% to average US$3,353/t, with good involvement from Middle Eastern buyers. SMP prices rose 1% to US$2,638/t following price...
EU milk declines
German milk supplies fell for the 12th consecutive time in week 1 (ending 6 January 2024) - down 1.4% YOY. French supplies were down 1.8% in that same week while UK’s rose 0.3%. According to Eurostat, November production was down 19.8% YOY in Ireland and 4.8% lower in...
US milk production down in November
US milk production fell 0.6% YOY in November according to the USDA, mostly reflecting a continuing decline in the dairy herd. In YOY terms, November yield per cow was down 0.1% YOY on average, while cow numbers were down 0.5%. At 9,360m, November cow numbers were...
WMP lifts on Pulse
Regular grade WMP prices rose to US$3,100/t at GDT Pulse event #39 up 2.0% from the C2 WMP price achieved at GDT #345 and 4.4% higher than Pulse event #38. The December SGX-NZX futures contract settled lower at US$3,045/t. Meanwhile, medium heat SMP prices settled at...
Fonterra lifts milk price forecast in Q1 report
Fonterra has lifted its forecast farmgate milk price range for 2023/24 to NZ$7kgMS—NZ$8kgMS, raising its midpoint by NZ25c to NZ$7.50kgMS. According to Fonterra CEO Miles Hurrell, the revised forecast reflects recent strengthening in demand from key importers,...
GDT delivers 2% rise
Event #345 delivered an overall positive result with a 2% rise in the index. At 29,559t it was the lowest offering since July, despite a new product - mozzarella from Solarec. WMP prices rose 2.5% on average to US$3,104/t with greater interest from SE Asian buyers....
US cheese output marginally higher in October
US cheese production rose 0.8% YOY in October according to the USDA, compared to an estimated 0.3% decline in “manufacturing milk” availability. American cheese output fell 0.3% YOY for the month (with a 2.5% decline for cheddar) while “other cheese” (including...
Pulse: WMP prices
Average WMP prices lifted slightly at Pulse event #38 to US$2,979/t, edging up 0.1% from GDT #344 and 0.8% higher than Pulse event #37. Meanwhile, medium heat SMP prices fell to US$2,515/t, down 1.2% from GDT event #344 and US$70/t lower than the previous Pulse event....
German milk supplies tank
German milk supplies fell for the 5th consecutive time in week 46 (ending 18 November 2023) - down 2.2% YOY. UK supplies declined 2.9% YOY in that same week. French milk production was down 4.7% YOY in week 46, as supplies have fallen sharply since the last week of...
NZ October milk output lifts
October milk production rose 0.9% YOY on a solids basis but was down 0.3% on a volume basis, according to DCANZ. Season-to-date (June to October) production is tracking 0.6% ahead of the prior year. October marks peak production in New Zealand and while monthly output...