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The Milk Market (Baptiste Buczinski)
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.
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GLOBAL RESULTS: MILK PRICE MARKET RESULTS
Since the beginning of 2024, global production has continued its modest recovery. However, milk deliveries and production dynamics remain divergent among the main exporting countries. In the global market, the demand for butter is on the rise.
MILK PRICES IN EUROPE
European milk collection was again on the rise in April 2024 (+1.2% compared to 2023). This upward trend has been continuous for three months. From January to April 2024, European milk deliveries reached 48.6 Mt (+0.3% compared to 2023). However, dynamics varied among member states. And the average raw milk price evolution remains limited for now (at $49.45/100 kg, -1% /March 2023 and -3% /April 2024).
USA MILK MARKET TRENDS
Dairy production has remained below the standards of previous years since the beginning of 2024. In April, it was again down year-on-year (-0.4%). However, the milk yield per cow increased in April compared to the previous year (+0.4%). The main factor for the decline in dairy production is the decrease in the US dairy herd (-0.8%). Since the beginning of 2024, cheese exports have driven US dairy exports (+23% from January to April 2023 in volume). The average raw milk price was stable again in April (at $45.19/100 kg, -1% /March 2023 and stable compared to April 2024).
MILK MARKET PRICES IN NEW ZEALAND
The seasonal decline in production is now slightly faster than during the previous campaign. In April 2024, it showed a marked decrease year-on-year (-4% compared to 2023). Since the beginning of the calendar year, production has been at an intermediate level between 2023 (-2%) and 2022 (+1%). In April, exports, measured in milk solids units (MSU), showed a sharp decline (-18% compared to 2023), following a generally positive first quarter (+18%). The milk price was trending downwards in April (at $35.35/100 kg, -2% /March 2023 and -9% /April 2024).
MILK MARKET PRICE IN CHINA
An increase in production and a decrease in consumption have several direct effects in China. First, Chinese powder stocks are increasing. And faced with this production surplus, both prices and Chinese imports of dairy products are struggling. The milk price was down in April (at $59.28/100 kg, -5% compared to March 2023 and -14% compared to April 2024). And in the first four months of the year, purchases of milk and cream (-10% /2023), SMP (-31%), whey powder (-17%), and infant formula (-42%) were all on the decline.
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