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This year, the world has seen a decrease in the production of raw milk under the influence of the weather and as a result of the increase in the cost of production. In Ukraine, milk yields began to fall from the end of June due to the heat and long-term power outages caused by Russian missile strikes on energy infrastructure facilities. A reduction in the supply of raw milk and a shortage of milk fat contributed to the increase in raw milk prices in various regions.

US skim milk powder (SMP) exports have been challenged to start 2024, down 11% through May, according to a recent USDA Dairy World Markets and Trade report. Exports are forecast to fall more than 8% to 741,000 tons, as performance has been hindered by weak demand from key markets in Southeast Asia, compounded by increased competition. Through May 2024, US SMP exports have experienced an 11% decline. In price sensitive Southeast Asian markets, major importers have reduced purchases, driven by a strong US dollar. Despite some signs of easing global inflation and potential economic stabilisation in many of the US major export markets, such as Mexico and many Southeast Asian countries, US supplies have not seen the pace of exports improve through the first five months of the year. US competitiveness has weakened relative to other major exporters like New Zealand, who have leveraged the strength of the US dollar, and more favourable production conditions to capture larger market share. U

CME cash dairy prices mixed Tuesday August 20, 2024 By Larry Lee Filed Under: Closing Futures / Livestock Briefs, Dairy, Dairy Markets, Market News