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The Milk Market (Marion Cassagnou)

Get an in-depth look at the dairy industry with our Milk Market Outlook report, covering Europe, New Zealand, China, and the USA. Our detailed findings from comprehensive data analysis will keep you informed about the latest market trends.

Feel free to SEE and share this essential information.

 


 

GLOBAL RESULTS: MILK PRICE MARKET RESULTS

Since the beginning of 2024, the global dairy market is dual. Butter prices are rising, driven by US demand, whereas skimmed milk powder prices are falling due to the decline in Chinese demand. Raw milk prices are relatively stable, apart from China.

 

 


 

MILK PRICES IN EUROPE 

In the EU-27, Milk prices have remained relatively stable since the beginning of the year 2024. In March 2024, they reached $50.1/100kg, slightly up from the previous month (+1% vs. February 2024, -6% vs. March 2023). In March, for the second month in a row, European milk deliveries rose slightly, following a decline at the end of 2023, thanks in part to deliveries in France. In contrast, milk production has been declining in Ireland for 12 consecutive months.

 

 

 

 


 

USA MILK MARKET TRENDS

Milk prices remained relatively flat in March 2024 at $45.6/100kg: unchanged compared to last month but -1% vs. last year. US milk deliveries were still down in March (-1% vs. March 2023). Whereas cheese exports are dynamic, the domestic US market is short on butter: in the first quarter of 2024, US butter imports increased significantly (+19% vs. 2023).

 

 


 

MILK MARKET PRICES IN NEW ZEALAND

In March 2024, the seasonal decline in New Zealand’s production has accelerated compared to previous seasons (-4% vs. March 2023). Prices have decreased due to the decline of the NZ$, at US$36,1/100 kg (-1% vs. February 2024 and -8% vs. March 2023). In the first quarter of 2024, New Zealand’s export performance were good except for cheese. According to the USDA, positive price movements are now expected for all products, except for lactose. Farmgate milk prices could thus increase.

 

 

 


 

MILK MARKET PRICE IN CHINA

Compared to other markets, raw milk prices in China experienced a significant decline in March 2024, dropping below the 50$ mark (at $49.2/100 kg; -3% vs. February 2024 and -15% vs. March 2023). Dairy products consumption remains affected by the country’s economic situation and the decline in purchasing power. China is less present on the global market, especially for skimmed milk powder (-29% vs. 2023 of SMP imports in the first quarter of 2024).

 

 

 

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