U.S. Sets Record Butter Imports in September as Dairy Exports Surge
Source: DairyNews.today
U.S. dairy exports showed significant growth in September, with outbound volumes of key commodities exceeding levels from the previous year. Butter exports surged by 23% year-over-year, while U.S. butter imports reached an all-time high at 15.6 million pounds, a 59% increase from 2023.
Cheese exports also performed well, rising 7% compared to the previous year. Mexico played a key role in this growth, increasing its cheese purchases by 19% from September 2023. Exports of skim milk powder (SMP) jumped 16%, and whey shipments rose by 9%, underscoring strong international demand for U.S. dairy products.
Despite robust export data, CME cheese prices showed little momentum. Spot block cheese prices dropped four cents to $1.7900 per pound, while barrel cheese slipped three cents to $1.8300 per pound. Meanwhile, nonfat dry milk (NDM) prices gained support, closing at $1.3950 per pound, up $0.0175. Butter held steady at $2.6750 per pound.
At the latest GlobalDairyTrade auction, dairy prices saw broad gains. Cheddar rose 5.8% to $4,973 per metric ton, equivalent to $2.26 per pound, while butter surged 7.6% to $6,990 per metric ton, or $3.17 per pound (adjusted to 82% butterfat). Milk powders also strengthened, with SMP rising 3.8% to $2,850 per metric ton ($1.29 per pound) and whole milk powder (WMP) increasing 4.5% to $3,713 per metric ton ($1.68 per pound).
The robust export activity and rising GlobalDairyTrade prices underscore strong demand for U.S. dairy products globally, despite mixed movement in domestic spot markets.
Despite robust export data, CME cheese prices showed little momentum. Spot block cheese prices dropped four cents to $1.7900 per pound, while barrel cheese slipped three cents to $1.8300 per pound. Meanwhile, nonfat dry milk (NDM) prices gained support, closing at $1.3950 per pound, up $0.0175. Butter held steady at $2.6750 per pound.
At the latest GlobalDairyTrade auction, dairy prices saw broad gains. Cheddar rose 5.8% to $4,973 per metric ton, equivalent to $2.26 per pound, while butter surged 7.6% to $6,990 per metric ton, or $3.17 per pound (adjusted to 82% butterfat). Milk powders also strengthened, with SMP rising 3.8% to $2,850 per metric ton ($1.29 per pound) and whole milk powder (WMP) increasing 4.5% to $3,713 per metric ton ($1.68 per pound).
The robust export activity and rising GlobalDairyTrade prices underscore strong demand for U.S. dairy products globally, despite mixed movement in domestic spot markets.
