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8- Eastern Europe Butter/Butteroil Skim Milk

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8- Eastern Europe Butter/Butteroil Skim Milk DAIRY MARKET NEWS, JULY 5 - 9, 2021 - 8 - VOLUME 88, REPORT 27 INTERNATIONAL DAIRY MARKET NEWS - EUROPE Information gathered June 28 - July 9, 2021 Prices are U.S. $/MT, F.O.B. port. Information gathered for this report is from trades, offers to sell, and secondary data. This bi-weekly report may not always contain the same products and/or regions. Future reports may be included or withdrawn depending on availability of information. MT = metric ton = 2,204.6 pounds. WESTERN OVERVIEW to continue, at least through July. Most sellers and buyers seem okay WESTERN EUROPEAN OVERVIEW: Sources in Germany with that. and France, the largest milk producing countries in Western Eu- rope, have noted than the seasonal decline in milk production Western Europe, 82% Butterfat, Free on Board - Port Butter seems to have increased. Hot weather is cited. At the end of June Price Range - $/MT: 4,475 - 4,975 anecdotal early reporting pegs the average weekly decline in Ger- many as -1.5 percent. That was about 1.5 percent below 2020 YOY Western Europe, 99% Butterfat, Free on Board - Port Butteroil for the week. French dairy sources believe the last week in June, Price Range - $/MT: 5,325 - 6,400 milk production declined about 2 percent from the previous week. July brings the annual period when many Western Europeans take multi week summer vacations. While some people are not able to travel to favored destinations, many acceptable alternative destina- SKIM MILK POWDER tions are open for tourists. This will have the effect of reducing dairy market transactional activity in coming weeks. The skim milk powder price range in Western Europe moved lower. Prices weakened in Belgium, France, and Netherlands. German pric- With the first half of 2021 behind us, sources in Western Europe es tended to be steady. People involved in Western European skim now expect 2021 milk production to end the year up about 0.8 per- milk powder markets say the market tone is calm. Inquiries for new cent from 2020 milk production. This is lower than projections as orders have declined, a typical occurrence for the July holiday peri- 2021 began. A colder than expected start to 2021 for several od. Almost all current production has already been sold. months is one factor. Another factor is expectations that cow slaughter will increase later this year. The reduced dairy herd will SMP plant managers are anticipating being on the receiving end of affect milk production. There has been a trend of smaller herd sizes higher milk intakes through the rest of 2021. As more buyers come in some countries. For example, a German source commented that to consider pacing of future transactions, the likelihood of more the number of dairy cows in Germany has declined to the lowest SMP availability further eases any feeling of urgency hanging over number since reunification after the fall of the Berlin Wall. Rising the timing of deals. feed costs are cited by some dairy producers as motivation to re- duce herd size. The perhaps over cited shortage of freight capacity, in some situa- tions, is a genuine factor limiting current SMP exports from Western Europe. Asian markets remain a primary destination for SMP from Western Europe. The outlook ahead for Asian import demand seems EASTERN EUROPE to be steady. Belarus continues to be a significant dairy product exporter in East- Prices for: Europe, All First Sales, Free on Board - Port, Convention- ern Europe according to sources. Russia is reported to remain a al, and Edible Skim Milk Powder primary export destination, particularly for cheese and butter. Chi- Price Range - 1.25% Butterfat; $/MT: 2,925 - 3,125 na has been increasing dairy product sourcing from Belarus, espe- cially SMP. May 2021 exports of butter, SMP and WMP were not- ed to be higher than May 2020. WHEY BUTTER/BUTTEROIL The whey powder price range in Western Europe moved lower. While sources note that current pricing is high in a historic sense, the The Western European butter price range sagged. Butteroil prices momentum for maintaining prices seems to have stalled. Continuing moved higher at the low end of the price range but are steady at the strong cheese production has kept whey stocks higher. Even with top. strong export demand from China in particular, there seems to be plenty of whey. Butter prices in many countries trended lower each week during the two weeks of the reporting period. French prices held up the This has emboldened some buyers to become more price sensitive. high end of the price range. Some French butter manufacturers Manufacturers are making good profits at current price levels. That continue to be able to achieve price premiums from certain buyers. eases the decision as to whether to be a bit more flexible to close Butter pricing trended down through Belgium, Germany, and Neth- deals. A compounding factor is the July holiday period, resulting in erlands. less market activity. There has been discussion suggesting that going forward, some of Prices for: Western Europe, All First Sales, Free on Board - Port, the anticipated higher 2021 milk production will head into butter/ Conventional, and Edible Dry Whey SMP. That expectation is said to have reduced buyer willingness to Price Range - Non-Hygroscopic; $/MT: 1,125 - 1,350 pay the prices of recent weeks. Butter sales have slowed as con- sumers leave for holidays. Many buyers are well stocked. Wait and see is how many buyers now roll. Export interest is also steady, with limited new inquiries. CONTINUED ON PAGE 8A Looking ahead, the slower nature of the butter markets is expected DAIRY MARKET NEWS, JULY 5 - 9, 2021 - 8A - VOLUME 88, REPORT 27 INTERNATIONAL DAIRY MARKET NEWS - EUROPE Information gathered June 28 - July 9, 2021 Prices are U.S. $/MT, F.O.B. port. Information gathered for this report is from trades, offers to sell, and secondary data. This bi-weekly report may not always contain the same products and/or regions. Future reports may be included or withdrawn depending on availability of information. MT = metric ton = 2,204.6 pounds. CONTINUED FROM PAGE 8 WHOLE MILK POWDER The whole milk powder price range in Western Europe declined, like the trend of some other manufactured dairy products. WMP pricing is inconsistent within Western Europe. Demand is quiet. Most customers within the EU are stocked for current needs. Manu- facturers tend to produce for orders already booked, so production schedules are being notched back. WMP manufacturers in Western Europe tend to focus on internal sales. Pursuing exports is not very much of a factor. Prices for: Europe, All First Sales, Free on Board - Port, Conven- tional, and Edible Whole Milk Powder Price Range - 26% Butterfat; $/MT: 3,725 - 3,925 DAIRY MARKET NEWS, JULY 5 - 9, 2021 - 8B- VOLUME 88, REPORT 27 INTERNATIONAL DAIRY MARKET NEWS - OCEANIA Information gathered June 28 - July 9, 2021 Prices are U.S. $/MT, F.O.B. port. Information gathered for this report is from trades, offers to sell, and secondary data. This bi-weekly report may not always contain the same products and/or regions. Future reports may be included or withdrawn depending on availability of information. MT = metric ton = 2,204.6 pounds. OCEANIA DAIRY MARKET OVERVIEW Secondary Sourced Information: AUSTRALIA: July 1 marked the opening of the new milk season in At GDT event 287 on July 6, 2021, the butter all contracts price, Australia. Obviously, seasonal milk production will only increase $4,458, decreased 3.2 percent. The August contract, $4,568, de- from here. For past seasons a graph of production shows a nearly creased 1.1 percent. vertical line rising to the peak in October. There will be abundant milk flowing into plants rather quickly. January – May 2021 butter exports from New Zealand 188,000 MT, decreased 4.3 percent from January – May 2020, according to CLAL Australian milk producers tend to contract seasonally for their milk data made available to USDA. The main export destinations January output. During the last few weeks leading into the new season some- – May 2021, quantities, and percent change from January – May thing of a bidding war broke out. Major processors began lifting of- 2020, were China, 48,860 MT, +41.95 percent; Philippines, 12,390 fering prices to be sure they have enough milk geographically located MT, +4.03 percent; and Australia, 12,002 MT, -23.72 percent. for dairy manufacturing plants they operate. A large dairy cooperative increased the offering price twice after the initial price was announced. The coop’s average national price as SKIM MILK POWDER reported by NZX is 6.96 Australian dollars/kg milk solids. As a country with huge land area and climatic variety, prices offered in The Oceania skim milk powder price range is lower at each end. The varied regions do differ from other regions. Among the highest prices lower range dip reflects GDT event activity. The upper range price noted, a processor in northern Victoria and southern New South reflects non-GDT transactions. Wales reportedly offered 7.50 Australian dollars/kg milk solids. The view in New Zealand is that the supply of SMP has grown be- yond demand. Buyers are very comfortable in being more aggressive NEW ZEALAND: New Zealand sources believe that supplemental in making purchase decisions. Middle Eastern SMP buyers are ob- feeding helped to boost New Zealand milk production in the season served to suddenly be far less eager to add to SMP stocks they al- just ended. A current concern for the new season is the likelihood ready hold. Asian buyers remain active but are increasingly price that migrant dairy workers will not be able to come into New Zea- driven.
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