World 05.02.2024

Global milk production decline and the anticipated decrease in the EU are expected to support stable prices

Source: The DairyNews
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Projected global production decline (-0.41% from December 2023 to May 2024) and the anticipated decrease in the European Union (-1.2%) are expected to support stable prices with a possible downward trend, according to CLAL analysts.
Global milk production decline and the anticipated decrease in the EU are expected to support stable prices
Worldwide milk imports grew by 1.2% from January to October 2023, as noted by CLAL founder Angelo Rossi on his Facebook page. If this trend continues in the coming months, it could contribute to a revival of price lists. The dynamics of global import and export may be influenced by the Suez Crisis, leading to increased transportation costs and a slowdown in trade, the DairyNews.today writes.

China's milk production race continues, with a significant increase from 2019 to 2023, and a growth trend expected in 2024. The former Celestial Empire may have reduced its overseas dairy product purchases by 9.9% in 2023, possibly due to economic growth slowdown, following two years (2020 and 2021) of particularly stable imports.

These are some of the assessments presented by CLAL at Fieragricola di Verona before an audience comprising feed manufacturers, ranch owners, cooperatives, processing industries, seasonal workers, and organized large-scale distribution. The entire supply chain collaborated to evaluate how to enhance the role of milk producers and ensure profitability for all key players in the supply chain.

Positive signals are observed at the Italian regional level. In fact, there is growth in milk destined for Grana Padano (January 2024) and an increase in cheese exports from January to October 2023 (+5.8%). Over the past 10 years, export growth has surged by 87% from January to October 2013 to the corresponding period in 2023.

Lee Mielke
Lee Mielke
editor of the Mielke Market Weekly
Dairy farm milk production continues to struggle and remained below a year ago for the seventh consecutive month.
Aaron Smith
Aaron Smith
Professor of Agricultural and Resource Economics at the University of California
Every five years, the Department of Agriculture takes a census of farms, all two million of them. The most recent census occurred in 2022, and USDA released the data this week.
February 2024
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