Insight Focus

  • California drought could hit butter supply in Q4.
  • US, European butter prices rallied last week.
  • We think the market is close to bottoming out.

New Zealand

  • New Zealand milk powder stopped falling, but butter was dragged down by the GDT auction results.
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USA

US butter rallied significantly due to concerns about supply from California.

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Europe

  • European butter and milk powder prices stopped falling, supporting the global dairy market.
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Dairy Online

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