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The Milk Market (Baptiste Buczinski)
Get an in-depth look at the dairy industry with our Milk Market Outlook June 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.
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GLOBAL RESULTS: MILK PRICE MARKET RESULTS
Since the beginning of 2024, the trends in dairy commodity prices have diverged: the global price of butter is increasing, while that of powder remains stable. World milk production is struggling to recover.
MILK PRICES IN EUROPE
EU milk deliveries was still on the rise in May 2024 (+0.7% /2023) for the 4th consecutive month. In five months, European deliveries were close to 60.0 Mt (+0.4% /2023). But the situation among member states remains very diverse (from a strong increase in Poland to a sharp decrease in Ireland). Between April and May 2024, EU average raw milk price has slightly increased at $49.97/100 kg (+1% /May 2023 and April 2024).
USA MILK MARKET TRENDS
US dairy production was still down year-on-year in May 2024 (-0.9%), for the 11th consecutive month. The USA are especially active in the butter and cheese global markets since the beginning of the year. US raw milk prices were on the rise in May and the average raw milk price has reached $48.50/100 kg. That’s $3.31/100 kg more in a month and $6.39/100 kg more in a year (+7% /April 2024 and +15% /May 2023).
MILK MARKET PRICES IN NEW ZEALAND
In May 2024, the seasonal decline in production were still faster than during 2023: the year-on-year decrease was strong (-6.1% /May 2023). But export data for May 2024 showed an increase in value for milk powder, butter, and cheese exported, compared to 2023. The milk price has increased in US$ but remained flat in NZ$ in May 2024. In US$, it has reached $35.97/100 kg (+2% /April 2024 but -7% /May 2023).
MILK MARKET PRICE IN CHINA
The dairy market situation in China has seen little change. Demand for dairy products is sluggish, affecting import levels and domestic prices. China remains affected by an overproduction and an increase in powder stocks. So, dairy prices were down again in May (at $46.73/100 kg, -16% compared to May 2023 and -3% compared to April 2024). China imports of SMP were down in May 2024 for the 7th consecutive month. Over the first five months of 2024, the country has imported less than 117,000 tons (-34% /2023).
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