Fonterra slashes forecast milk price, again
Fonterra has slashed another 50c off its milk price forecast as global milk flows shows no sign of easing.
Fonterra says increases were seen in all major dairy categories, excluding SMP which fell 27%.
The EU’s two largest export categories, fluid and fresh dairy and cheese, both rose 17%. Exports are up 12% (551,000MT) for the 12 months to May vs the same period last year. Export increases are seen in fluid and fresh dairy (+27%), cheese (+12%) and whey powder (+11%).
US dairy exports in June rose 2% (4000MT) vs the same month in the previous year. A fall in the major export categories of SMP, lactose and cheese were offset by rises in whey powder, WMP and WPC/WPI, up a combined 16,000 MT.
Asia (excluding China) dairy import volumes rose 7% (25,000MT) in May vs the same month the previous year. Significant rises in fluid and fresh dairy and whey powder (+26%) and WMP (+20%) were partially offset by falls in SMP, cheese and lactose. Imports for the 12 months to May are up 2% (91,000MT) vs the same period in the previous year.
China dairy imports rose 9% (16,000MT) in July vs the same month last year. Big rises in fluid and fresh dairy and cheese, both up 37%, were partially offset by falls in SMP, whey powder and lactose.
The largest contributions to China’s growth have been fluid and fresh dairy and infant formula.
