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The Milk Market (Baptiste Buczinski)
Presenting our September 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.
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GLOBAL MILK MARKET PRICES
In August, prices for butter and fat remained strong. Global demand, particularly from the United States, stayed high, while production remained relatively limited. Raw milk prices were on the rise, except in China where the crisis remains significant.
MILK MARKET IN EUROPE
Milk deliveries in the EU-27 decreased in July and August. In August, deliveries reached 12.0 million tonnes (-0.8% /2023). The upward trend observed during the first semester seems to be over. And the spread of Bluetongue disease and EHD in some countries of the EU pose a risk to the evolution of milk supply. But for now, EU raw milk price was still ont the rise, at $52.17/100 kg in August (+4% /July 2024 and +10% /August 2023).
USA DAIRY TRENDS
In August, milk deliveries were steady year-over-year (-0.1% /August 2023), still reflecting the effects of heat and climate on the cows’ yield. There’s still a lack of milk in the US. The United States remained particularly active in the butter and cheese markets, including foreign trade. So, US raw milk price was up again in August, at US$52.03/100 kg (+4% /July 2024 and +20% /August 2023).
MILK MARKET PRICES IN NEW ZEALAND
In New Zealand, milk production has rebounded since the start of the new dairy season (+8% in volume and from June to August 2024 compared to the same period in 2023) thanks to relatively good weather conditions and, therefore, better grass growth. With a quite good demand on the global dairy market, NZ raw milk prices were still on the rise in August, at US$41.57/100 kg, (+35% /August 2023 and +7% /July 2024).
CHINA MILK PRICES
The Chinese market is still affected by the crisis. Demand for milk remains low, and powder stocks are high. in this situation, raw milk prices continue to decline. In August 2024, average Chinese raw milk price was still down in CNY but not in US$. In US$ it reached US$44.89/100 kg (-13% /August 2023 but +1% /July 2024) due to the rise of the domestic currency against the U.S. dollar.
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