Greetings! The U.S. Dairy Export Council is pleased to share the latest Global Dairy Market Outlook, our take on global dairy trade, international market drivers and U.S. performance.
The European butter price has crashed from record highs, while dry ingredient markets continue to trend lower. EU milk production is back in growth-mode, up nearly 3% in Q3, and intervention stocks of powder continue to hang over the market. As a result, market sentiment has softened in recent months. Global demand has been good this year, especially for cheese and skim milk powder, but growing supplies are giving buyers more confidence.
In the first eight months of the year, U.S. export value was $3.66 billion, up 20 percent from the year before. U.S. exports were equivalent to 14.2 percent of U.S. milk solids production.
To read more in the latest issue of Global Dairy Market Outlook, click here.
Vice president, communications and market analysis
U.S. Dairy Export Council
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