Wednesday, 18 January 2023
For the majority of 2022, milk supplies were down year on year, impacting on availability of manufactured dairy products in the EU. In the 12 months to October 2022, there has been little change in available supplies1 of butter, cheese and WMP, with only SMP showing an improvement year on year.
Butter availability is down primarily due to a drop in production of 1.7%, despite slightly higher imports. Cheese availability meanwhile has remained stable, as the drop in domestic production was offset by lower exports.
Overall availability of milk powders increased in the year to October by 17.7%, largely due to an increase in production of SMP (3.2%) and an overall decrease in both SMP and WMP exports. Combined, milk powder exports in the 12 months to October were down 15% on the year. The improvement in availability of milk powders has put pressure on pricing, particularly for SMP.
With milk production improving in the final months of 2022, and the northern hemisphere spring flush approaching, we would expect the downward trend in prices to continue as availability improves.
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