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The Milk Market (Marion Cassagnou)
Check out our Milk Market Outlook report, offering a comprehensive analysis of the dairy industry across key regions such as Europe, New Zealand, China, and the USA. Delve into our insightful findings derived from extensive data analysis, providing you with up-to-date information on the latest trends shaping the market landscape.
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GLOBAL RESULTS: MILK PRICE MARKET RESULTS
After a disrupted end to 2023 due to weather conditions in key exporting countries, global milk collection seems to be slowly recovering in response to rising prices, even though the improvement remains modest. Production dynamics continue to vary.
MILK PRICES IN EUROPE
In the EU-27, milk prices have been relatively stable since the end of 2023. In February 2024, they reached $50.1/100kg, slightly down from the previous month due to the depreciation of the euro (-1% in January, -12% in 2023). After four months of decline, European milk deliveries rebounded in February. Among the major producers in ther milk market, only Ireland experienced a significant decrease (-11% /2023).
USA MILK MARKET TRENDS
Milk prices rose in February a +3% in comparison with last month but decreased a -5% compared to last year at $45.4/100kg. The performance of the US in dairy exports has notably improved. In February 2024, for the first time in a year, there was a positive change in exports, following a year of negative variations. The recovery was especially driven by cheeses which recorded an increase of +32% compared to 2023 (+10.000 tons). According to the UDSA, milk deliveries could increase during springtime, unless the highly pathogenic avian influenza (HPAI), a disease detected in dairy farms across eight different states nationwide, affects production.
MILK MARKET PRICES IN NEW ZEALAND
In February 2024, the seasonal decline in New Zealand’s production was less pronounced than in previous seasons (+2% / Feb. 2023, corrected for the leap year effect) and prices remained relatively stable since the beginning of the year, at $36,3/100 kg (-11% /2023). New Zealand exports converted to dry matter rebounded in the first two months of 2024 (+31% /2023). All products saw an increase except for cheeses (-4% /2023).
MILK MARKET PRICE IN CHINA
Milk prices continued to decline in February 2024, reaching $50.5/100 kg (-1% /January 2024 and -15% /February 2023). Regarding milk collection, it remained strong, while consumption continued to be affected by tight purchasing power. The economy has not recovered in the way many had hoped post-COVID, with a pessimistic outlook in the milk market for 2024.
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