- Global dairy prices are high and climbing.
- Skim milk powder and butter were especially lively last week.
- Such high prices could deter buyers in the short-term.
The New Zealand Futures Exchange (USD/mt)
- New Zealand’s dairy products all rallied last week, especially skim milk powder.
Chicago Board of Trade (USD)
- US dairy continued to rise.
- Skim milk powder and butter are still the two most active varieties from a price point of view.
- The cheese price is underperforming, however.
Eurex (EUR/mt)
- European skim milk powder has been climbing for eight weeks in a row.
- Prices are now at a five-year high.
Prices in the Major Markets (USD/mt)
- The US dairy price has lagged behind the rest of the world, which means it could catch up in coming weeks.
Summary
- There are reasons for gains in all regions, as well as worries for the future.
- Chinese buyers may defer their demand due to today’s high prices.
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