News and Events
Share on:
The Milk Market (Baptiste Buczinski)
Presenting our October Milk Market Outlook report, where we dive into the latest trends across Europe, New Zealand, China, and the USA. Explore the dairy industry’s developments with insights drawn from thorough data analysis to keep you informed on market movements.
Be sure to SEE and share this valuable information!
GLOBAL MILK MARKET PRICES
In October, raw milk prices increased in NZ and in the EU. They stopped their rise in the US and continued their decline in China. Global prices for skimmed milk powder have generally been on the rise. Butter prices experienced a slight decline in the US but remain globally high.
EUROPE´S MILK MARKET PRICES
EU raw milk price was still on the rise in October, thanks to good demand for dairy products and limited deliveries. It reached $56.38/100 kg (+2% /September 2024 and +20% /October 2023). Milk collection within the EU-27 declined in the third quarter, reaching 35.8 million tons (-0.3% compared to 2023). This could be an effect of bluetongue disease in Belgium, the Netherland, western Germany and eastern France. October data are not yet available for all member states, but it seems that the impact of bluetongue disease on dairy productivity has faded.
DAIRY MARKET IN THE USA
In the USA, October was the 3rd consecutive month of increased production. Milk collection reached 8.48 million tons (+0.2% /October 2023). However, this level is lower than that of October 2022 (-0.6%). After a sharp rise from April to September, US raw milk price has stalled in October, at US$55.56/100 kg (-0.1% /September 2024 and +17% /October 2023). Milk production in 2025 should be up +0.8% /2024 according to USDA and +0.6% /2023, based on more expected milk cows, partially offset by slower growth in milk per cow.
NEW ZEALAND MILK TRENDS
In New Zealand, exports are more dynamics than last year. In October, changes in export quantities from October 2023 were +4% for milk powders, -3% for milk fats (including butter) and +7% for cheese. This strong demand for NZ products drives NZ raw milk prices upward, at US$43.95/100 kg in October (+35% /October 2023 and +3% /September 2024). Several dairy processing companies have recently adjusted their 2024/25 milk price forecasts upwards. These good signals stimulate production. In Octobre, New Zealand’s milk production was up year-on-year for the fourth consecutive month.
MILK PRICES IN CHINA
China’s dairy industry is facing a persistent crisis with weakened demand while production capacity remains high. This context puts pressure on prices. In October, Chinese raw milk price was still down, at 44.17 USD/100 kg (-1% /September 2024 and -13% /October 2023). Due to this oversupply, China imports less. From January to September, imports of various dairy products totaled 1.935 million tons, down 13.2%, equivalent to 11.841 million tons of raw milk, down 12.3%. The import value was 8.24 billion USD, down 14.1%.
Source:
