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1. New Zealand Futures Exchange (USD/ton)
In the second half of last week, due to the news that domestic beverage factories wanted to enter the market for purchase, whole milk powder rebounded, but the overall weakness of milk powder was obvious. 2. Chicago Board of Trade (Currency: USD)
The U.S. market remains the strongest in the world overall, with butter once again hitting the $3/lb high.
3. European Commodity Futures Exchange (EUR/ton)
European butter stopped falling again due to the rise in US milk fat, while skimmed milk powder continued to be sluggish.
Spot prices for major industrial cheese varieties in Europe (Ex-works, EUR/tonne)
Cheese prices in Europe fell slightly. 4. Comparison of spot product prices in major markets (USD/ton)
The bull market triggered by tertiary milk in the United States has also allowed the region to continue to be the world's leading butter.
5. Overview
The strength of the U.S. market is the main reason why there is still no end in sight in this round of milk fat bull market, and if CME prices gain a foothold at $3/lb, it is estimated that even New Zealand butter in the next season may not have much room to fall.
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