1. New Zealand Futures Exchange (USD/ton)
Driven by the overall rebound in auctions last week, milk powder and milk fat soared, and the increase in whole milk powder was weaker than GDT's performance in comparison.
2. Chicago Board of Trade (Currency: USD)
U.S. dairy products rose overall, with only the leading variety butter reversing the previous week's gains.
3. European Commodity Futures Exchange (EUR/ton)
In Europe, the performance was balanced, butter and skimmed milk powder were mostly on the upside, whey was slightly weaker, and the trend of milk prices in recent months was stronger, indicating that there was little downward pressure on bulk product quotations in the third quarter.
Spot prices for major industrial cheese varieties in Europe (Ex-works, EUR/tonne)
European cheeses followed the US/Oceania region upward.
4. Comparison of spot product prices in major markets (USD/ton)
Due to the sharp rise in cheese in the United States, which has outpaced other regions, the balance of price advantage is now on the side of Europe.
5. Overview
However, the low participation rate of Chinese buyers and the hesitation of the overall performance of the futures market have made the future development of the market heavily dependent on continued purchases in Southeast Asia and the Middle East, although the resilience of these two regions has been questionable.