Dairy news — Vesper

Tight milk sends processors toward cheese and whey

Seasonally tight milk is pushing European and US processors toward cheese and whey, lifting cream and SMP while butter stocks stay at decade highs.

US milk: a summer hiccup or a real shift?

Heat has thinned US milk supply and lifted NFDM, but a growing herd and a wide feed-to-milk margin suggest the tightness fades once Q4 arrives.

Whey protein's climb stalls before Q4 contracting

Reformulation has cut WPC80 demand going into Q4, stalling the climb, while MPC85, lactose and whey permeate tighten across Europe and the US.

US butter, cheese and milk powder prices converge near $1.50

Butter, both cheese grades and NFDM are trading within cents of $1.50 a pound on the CME board, a rare level of convergence.

Egg markets diverge: Europe steadies while the US rally unwinds

Europe's egg market has stopped falling while the US posts its first broad weekly decline of its rally, and egg powder is now pricing off a different cycle.

Cheese prices hold firm through a summer that's usually quiet

Europe's cheese market is holding firm and even edging higher through what's normally a slow season, with buyers already locking in Q4 volumes.

Butter and milk powder markets test their stock cushion

Heavy production has left butter, SMP, and WMP stocks well supplied, and the second half of the year will show how much of that cushion gets drawn down.

US churns record butter, but stocks run thin into autumn

US butter output hit a 31-year high for January to May, yet June stocks fell to their lowest since 2022 as cheap prices drove record exports.

Whey and milk protein markets run out of room to sell

Sweet whey, MPC, and lactose have tightened sharply on export demand, while WPC80 trade stays quiet until the Q4 purchasing window opens in mid-August.

European cheese firms on summer heat, mozzarella still out front

European cheese prices have firmed as summer heat cuts milk output. Mozzarella leads the move while cheddar still looks cheap heading into Q3.

US cheddar closes the gap with New Zealand

US cheddar jumped 10% on the month to $1.60/lb while New Zealand fell to a 20-month low, closing a price gap that opened the year at a record 75 cents.

Whey protein pauses for breath as lactose keeps firming

Whey protein has paused after an extended run higher as buyers tire at current levels, even as lactose keeps firming on stubbornly tight supply.

Heat turns the European cheese market from bearish to bullish

A prolonged heatwave is cutting European milk deliveries and weakening components, flipping the cheese market from bearish to bullish within weeks.

US milk powder keeps falling, heat wave or not

US NFDM fell 5.8% to $1.505/lb, now 34% below its May peak, as record milk-powder output kept prices sliding even as a heat wave finally arrived.

A heatwave lifted EU butter and SMP. Will it hold?

A European heatwave cut milk and cream output, lifting EU spot butter nearly 3% and SMP about 2%. But with stocks near a five-year high, will the rally hold?

Whey protein stays tight while sweet whey looks for a floor

WPC80 and whey protein isolate rose again on persistent tightness and GLP-1 demand, while EU sweet whey steadied, a sign its long slide may be nearing a floor.

US butter: record output, leanest May stocks in four years

US butter makers are running flat out, yet the cold store keeps emptying. Stocks ended May at 335.6m lbs, the lowest May reading since 2022 and down 8% on...

Egg markets split as Europe nears a floor and US prices firm

The world's two big egg markets are pulling apart. In Europe, prices are still easing from their spring peak, but the decline is slowing and a floor may be...

Summer lull pulls cheese prices further from their spring peak

European cheese prices have drifted further from their spring peak as the summer slowdown sets in. With most buyers having covered their Q3 needs, sellers...

Cocoa jumps 11% as the market turns to El Niño supply risk

Cocoa prices snapped higher last week, with ICE London front-month July futures up 11% to £3,488 a tonne and ICE New York up 11% to $4,545 a tonne. After...

European cheese softens as buyers wait out the summer

European cheese markets have continued to soften in recent weeks. With Q3 coverage mostly behind them, almost all buyers have stepped back to the sidelines, ...

Ivory Coast arrivals outpace last season, pressuring cocoa

Cocoa prices fell over the past week as supportive West African weather and a jump in Ivory Coast arrivals shifted attention to near-term abundance. ICE EU...

Whey protein pauses for breath, but the market stays tight

With Q3 purchasing largely wrapped up, the sharp price increases of recent weeks across the whey protein concentrate complex are losing some momentum. More...

US peanut acres set to shrink, lifting the price floor

The peanut market has moved back into cost-of-production territory after a long stretch of oversupply, according to Alimenta Agri LLC. Prices are firm...

US milk powder prices slip as production growth cools

US nonfat dry milk prices fell about $0.20/lb, or roughly $500/mt, in the space of a week, and global skim milk powder markets moved with them. New Zealand...

US NFDM falls $0.20/lb in a week as global milk powder markets follow

US NFDM prices dropped around $0.20/lb ($500/mt) in the space of a week, and the move travelled. At the most recent GDT pulse event, NZ SMP fell $200/mt...

EU cocoa futures post a 10% single-session gain as the Silly Season takes hold

EU cocoa futures rose 7% over the past week, closing at 3,153 GBP/t for the front-month July 2026 contract, while the most active September contract gained...

European cheese markets ease into summer lull as Q3 demand completes

European cheese prices edged higher over the past few weeks on seasonal temperature gains and Q3 forward buying, before stalling last week as the bulk of...

European butter builds up while US milk powder holds the global floor

The global dairy market is running two distinct stories. In milk protein, tightness remains the headline, particularly in the US where NFDM is trading at...

WPC80 prices at record levels as new protein demand grows faster than supply

The whey protein market is running an unusual experiment: higher prices are attracting both more supply and more demand simultaneously, with demand growing...

NFDM domestic demand jumped 178% in Q1 as US dairy markets diverge

The CME spot call closed mixed this week as the dairy complex absorbed a stronger dollar and the headlines from the US-China summit. Blocks dropped 6 cents...

European cheese prices rise as Q3 buyers return

European cheese prices have moved higher over the past two weeks, but the rally has come in stops and starts. After a quiet stretch where Q2 coverage was...

European eggs cool while the US flips from scarcity to surplus

The European egg market is starting to ease from its post-Easter highs, but the correction is uneven. Caged and standard eggs are softening as Eastern...

Cocoa rallies 30% in a week on short-covering and crop risk

EU cocoa front-month May 2026 futures closed up 34% on the week at 3,551 GBP/t, with gains spread across the curve rather than concentrated in the front....

US milk powder shortage pulls EU and Oceania SMP prices higher

European and New Zealand SMP prices climbed again this week, with the latest GDT auction confirming the move. NZ SMP surpassed $3600/mt at the event, and...

Whey protein tightness drives reformulation toward MPC85 in Q3

The global whey protein market opened the Q3 purchasing window at fresh highs, with WPC80 once again pushing the complex higher and prompting a clear...

Cheese markets soften under weight of peak milk supply

European and North American cheese markets are broadly stable this week, but the underlying tone is slightly bearish. Milk production in both regions is...

Butter weakens while milk powders climb on record US NFDM pricing

Butter and milk powder markets are moving in opposite directions, with heavy milk flows pressuring butterfat across Europe, the United States and New...

Indian basmati prices climb on tight supply and Gulf shipping uncertainty

Indian basmati prices have moved higher over the past three weeks, with 1509 Steam rising to USD 90 to USD 91/quintal from USD 82 to USD 83/quintal at the...

Whey protein prices hold at all-time highs with demand destruction still elusive

Whey protein prices remain at all-time highs across Europe and the United States, with WPC80 and WPI trading above levels where reformulation is already...

Nordic Sugar to close Porkalla refinery, first EU standalone closure since end of quotas

Nordic Sugar has announced the closure of its standalone refinery in Porkalla, Finland, with raw sugar refining to be moved to the company's beet factory....

Cheese markets flip from Q1 shortage to Q2 surplus

From shortage to slight surplus Q1 was defined by limited commodity cheese availability as export demand kept volumes moving out of both Europe and the...

Butter leads dairy prices lower at start of Q2 flush season

Dairy commodity markets have entered a calmer phase at the start of Q2, with the arrival of the flush season adding pressure to butter, SMP, and WMP prices...

WPC80 shortage drives protein markets into uncharted territory

The global whey protein market is moving in two very different directions. At one end, WPC80 is in a pressing structural supply shortage with no near-term...

European cheese markets turn softer at the start of Q2

After a firm Q1 in which strong export demand kept European cheese markets relatively tight, the balance of power is shifting at the start of Q2. High...

European butter prices correct sharply while SMP holds firm

European butter prices fell sharply last week, dropping from close to EUR 5,000/mt to as low as EUR 4,200/mt within a few days. The correction followed an...

WPC80 prices exceed EUR 20,000/mt as global supply falls short of demand

The market for whey protein concentrate 80 (WPC80) has tightened to an extent that transactions above EUR 20,000/mt are being reported for Q2, Q3, and Q4...

NFDM prices approach 10-year highs as US supply tightens

US non-fat dry milk (NFDM) prices have continued their upward run, rising a further USD 0.08/lb compared to a week ago, a 4.53% increase. Prices are now...

NFDM prices approach 10-year highs despite record milk surplus

Non-fat dry milk prices rose a further 4.53% this week, leaving them just $0.055/lb below 10-year highs. The move comes against a backdrop of surging milk...

Cheap milk, tight cheese: how production capacity is driving European markets

Raw milk in Europe is hitting spot markets at unusually low prices of €0.10-€0.25/kg in mid-March, yet cheese stocks are tight and prices are firm across...

Bakery market forecast 2026: flour, starches, eggs, dairy, vegetable oils, sugar, cocoa, nuts

Bakery procurement in H2 2026 is shaped by a mix of signals: some ingredients are softening, others are under renewed pressure, and a handful are in...

Chocolate forecast 2026: cocoa, sugar, vegetable oils, nuts

Chocolate manufacturers are navigating an ingredient landscape that looks very different today from where it started the year. Cocoa has come down sharply,...

European butter forecast: rangebound in H1 2026, with recovery expected as milk tightens in H2

European butter markets are entering 2026 with ample supply. Strong milk production throughout 2025, particularly in the second half of the year, has...

European Cheddar forecast 2026: lean stocks and firm prices despite strong production

European Cheddar production maintained strong momentum throughout 2025, supported by abundant milk availability. However, the supply-heavy H1 picture...

European dairy market forecast 2026: milk, butter, smp, wmp, swp, cheeses

The European dairy market in 2026 is not one market, it's a collection of very different stories depending on which product you're buying. Some categories...

European Mozzarella forecast 2026: prices rise sharply since February as nearby supply proves scarce

European Mozzarella production maintained strong levels throughout 2025, driven by abundant milk availability. However, the expected H1 supply pressure on...

European raw milk forecast: strong flush adds supply pressure across dairy markets in H1 2026

European raw milk production delivered strong volumes throughout 2025, with output accelerating particularly in the second half of the year. That momentum...

Gouda market forecast 2026: prices move higher as stocks stay lean and Dutch production expected to shrink

Gouda production across Europe was robust throughout 2025, benefiting from strong milk availability. Despite that production strength, the market has...

Lactose market forecast 2026: stability returns after 2025 price spike

The lactose market experienced significant price increases during 2025, driven primarily by tightness in the US market that pulled European prices higher....

Pizza, pasta, savory snack forecast: flour, tomate, chicken, beef, pork, mozzarella, olive oil

For food manufacturers in pizza, pasta, and snacks, H2 2026 brings a mix of near-term stability and building supply-side risks. Some key ingredients are...

SMP market forecast 2026: US production shortfall pulls international buyers toward Europe

The global skim milk powder market has shifted significantly from what was expected at the start of 2026. Rather than a supply-heavy, export-dependent...

Sports Nutrition ingredients forecast 2026: whey protein powders, eggs, sugar, nuts, cooa

The sports nutrition supply chain is under more pressure than it has been in years, and the drivers are no longer just about sports. Demand for whey...

Sweet whey powder forecast 2026: European prices overtake US levels as costs rise and Middle East demand accelerates

Sweet whey powder is showing a clear divide between Europe and the United States in early 2026, and that regional divergence has become the defining feature ...

US Dairy forecast: milk, butter, smp, cheeses, WPC80

The US dairy market entered 2026 expected to be well-supplied across most categories. That picture has changed materially. Butter is tight, powder is tight, ...

US dairy market forecast 2026: butter stocks at five-year low as demand and exports tighten supply

US butter markets have proven considerably tighter than initially anticipated heading into 2026. January production came in at 231 million pounds, up 6%...

Whey permeate forecast 2026: stable conditions expected as WPC80 and WPI production stays elevated

Whey permeate stands out as one of the more stable products in the dairy complex heading into 2026, largely insulated from the volatility affecting other...

WMP forecast 2026: EU and New Zealand prices converge for first time since 2021

European Whole Milk Powder pricing is driven by the combined dynamics of butter and skim milk powder, alongside overall milk availability. With butter...

WPC80 market forecast 2026: Q2 volumes near sold out as demand outpaces supply across all major regions

WPC80 stands apart from the broader dairy complex, with market dynamics driven primarily by demand rather than milk availability. That firm tone is expected ...

WPI price forecast 2026: EU prices approach €25,000/mt as GLP-1 demand adds to supply strain

Whey protein isolate markets are characterised by a persistent supply-demand imbalance, with demand significantly outstripping available production...

US dairy exports hit records as American product finds new markets worldwide

US butterfat exports are up 166% year-on-year and cheese exports have broken records. Find out what is driving US dairy markets and...

Tight skimmed milk powder supply supports global prices

Global skimmed milk powder prices remain supported as limited supply in the US and Oceania meets steady import demand and rising exports...

WPC80 shortage keeps whey market firmly bullish

Global whey markets stay bullish as tight WPC80 supply and strong demand across nutrition and food sectors leave Q2 volumes nearly sold out.

How the Middle East conflict is moving commodity markets

As the Middle East conflict disrupts the Strait of Hormuz, Brent crude tops $105, find out how it's moving prices across commodity markets.

European cheese prices keep climbing as buyers chase limited availability

Cheese prices across Europe continue to increase in early 2026, with Gouda, Mozzarella, and Cheddar all firming as availability remains...

Ivory Coast brings forward mid-crop season in bid to clear unsold cocoa stocks

Ivory Coast has reclassified March cocoa production as mid-crop, sharply reducing farmgate prices to move unsold stocks. The bearish market...

Dairy markets firm on scarce offers and strong export demand

A shortage of offers is pushing butter and SMP prices higher across Europe, the US, and Oceania. Here's what's driving the moves and what...

WPC80 market tightens further as Q2 volumes near sold out across Europe and the US

Whey protein concentrate 80 markets are tightening fast, with Q2 volumes nearly sold out across Europe and the US. Buyers are now...

Cocoa prices fall 35% in a month as West African supply overhang deepens

Cocoa prices have collapsed 35% over the past month and sit 70% below year-ago levels, as unsold bean inventories build in Ghana and Ivory...

European cheese prices hold firm in February, defying seasonal correction expectations

EU Gouda and Mozzarella prices have risen to around €3,300/mt in February as low stock levels and firm producer pricing defy expectations...

Structural shift in US skim milk use keeps NFDM markets tight

Four consecutive years of falling US NFDM production point to a structural shift in where skim milk is going toward MPC and butter.

WPC80 shortage intensifies with producers in control of pricing and allocation

Global whey protein concentrate 80 market reaches critical tightness with structural shortage affecting all whey products. Producers control pricing as domestic

U.S. milk powder prices surge 30% in one month on supply squeeze

CME nonfat dry milk prices surged 30% in one month as low November production triggered a short squeeze. Analysis suggests prices may be...

U.S. milk production rises 4.4% despite prices below cost of production

American dairy producers increased milk output to record levels in December 2025 despite Class III and IV prices settling below cost of...

US calf crop falls 1.6% as beef supply tightens through 2026

USDA cattle report shows 2025 US calf crop fell 1.6% to 32.9 million head, with beef cow inventories down 1.0%, signaling continued tight...

European skim milk powder reaches €2,200 per tonne as short squeeze lifts dairy prices

Skim milk powder reached €2,200/mt in Europe as a short squeeze pushed prices up 10% despite weak long-term fundamentals...

Whey protein concentrate reaches €14,320 per tonne in Europe as structural shortage persists

Skim milk powder reached €2,200/mt in Europe as a short squeeze pushed prices up 10% despite weak long-term fundamentals and surplus milk...

Cocoa prices hit 2-year low as farmgate pricing crisis leaves African beans stranded at ports

London cocoa futures dropped 12% to 3,347 GBP/t as fixed farmgate prices in Ivory Coast and Ghana create supply bottlenecks. European...

European cheese prices hold steady as butter markets collapse, shifting dairy valorization dynamics

Cheese markets hold firm around €3,000/mt despite peak seasonal production, while falling butter prices shift dairy valorization toward...

Cocoa market seeks equilibrium after 50% price retreat

Cocoa futures trade in narrow range as market seeks equilibrium. Mild Harmattan conditions and above-average rainfall support West African...

U.S. dairy prices hit multi-year lows to close 2025

American dairy markets ended 2025 with significant price declines across all product categories. Butter dropped 45% while cheese fell 28%...

European butter prices head for sub-€4,000/mt in Q1 as surplus hits 93,700mt

European butter markets face continued pressure as Q1 2026 prices head below €4,000/mt. Production surge and 93,700mt surplus drive cream...

WPC80 and WPI prices hit record highs on GLP-1 medication demand

WPC80 prices hit €13,000/mt and WPI reaches €21,500/mt as GLP-1 medication demand creates shortages in global whey protein markets.

EU chocolate inflation remains at multi-year highs despite cocoa price correction

European chocolate inflation remains near multi-year highs at 17.3% year-over-year even as cocoa prices fall 60% from peak, limiting...

European cheese producers sell forward to avoid Q1 weakness as buyers hold back

Gouda falls to EUR 2,980/mt as producers lock in Q1/Q2 sales ahead of seasonal weakness, while buyers wait for further declines with milk...

Global milk production overwhelms demand, timing mismatches amplify market pain

US cheese prices hit 2025 lows while butter spread to retail exceeds $2.77/lb as strong milk production from US, Europe, and NZ...

European butter surplus climbs to 106,000 metric tons

European butter production surged 5.09% in 2025, creating a 106,000 MT surplus. With cream cheap at €5,500/MT and buyers already covered...

US whey protein shortage is pushing prices to record levels

Critical shortage of US WPC80 and WPI forces global buyers to European markets as GLP-1 medication demand drives whey protein consumption...

Shipping rates from Asia to Europe climb 3-4% on major routes

Shipping rates from Asia to Europe increased 3-4% on major routes as carriers manage capacity and 2026 contract negotiations begin.

Chocolate demand pressures mount with Singles Day spending decline

Cocoa prices fell over 9% this week as Singles Day spending dropped 20% and Barry Callebaut reported 5.3% decline in chocolate volumes...

European cheese exports surge as dollar strength reshapes global trade flows

European cheese gains export advantage as stronger dollar reshapes global trade. Asian markets switch from US to EU suppliers, clearin...

European SMP prices supported by euro weakness as currency movements influence global markets

EUR/USD movement from 1.17 to 1.14-1.15 is currently supporting European skim milk powder prices despite fundamental weakness...

US whey protein concentrate market reaches record prices as spot availability becomes critically low

US WPC80 has become virtually impossible to source as temporary factory downtime creates supply shortage, pushing prices to $6.35/lb while...

Chocolate makers adjust recipes as cocoa costs remain elevated

High cocoa prices drive chocolate recipe changes as companies use rice, oats, and sunflower seeds. McVitie's and KitKat brands lose...

Exchange rate shift sends US dairy prices into sharp decline

NFDM prices fell sharply as the exchange rate turned against US exports. The USD gained momentum while the euro lost value, making the US...

Chocolate demand proves more price-sensitive than expected as Mondelez reports consumer pushback

Mondelez reveals European chocolate demand elasticity of 0.7-0.8, surpassing industry expectations as cumulative 30% price increases test...

US cheese prices rise above European levels, affecting international competitiveness

US cheese prices reach levels where international competitiveness becomes challenging. European cheese offered at competitive prices...

US butter prices drop sharply on CME as abundant milk supply weighs on dairy markets

CME butter prices fall sharply as US milk production grows 3% year-over-year alongside increased output from New Zealand and Europe...

Butter markets show temporary stability but underlying weakness remains

European butter trades below €5000/mt as abundant milk supplies pressure dairy markets. SMP and WMP prices expected to decline further...

European WPC80 market empties for Q4 following large volume purchases

European WPC80 market shifts to significantly tight as large purchases clear Q4 supply. Western European producers quote €12,500+/mt while...

Cocoa demand destruction confirmed as Q3 grind numbers reveal global decline

Q3 cocoa grind numbers reveal significant declines across major processing regions, with European grind down 4.8%, Asia down 17%, and...

Cocoa prices fall 20% over past month as main crop expectations remain optimistic

Cocoa futures fall 20% in a month as West African main crop expectations remain optimistic. European Q3 grindings beat estimates.

European cheese prices fall as milk production surpluses mount

European cheese prices decline across Gouda, Mozzarella, Cheddar and Emmental as milk production surpluses of 5-7% YOY create abundant supply

Butter, SMP and WMP tip in buyers' favor amid Q4 oversupply

Global dairy markets favor buyers as heavy stocks meet weak demand. Butter, SMP, and WMP prices decline with production costs narrowing...

Whey protein supply runs low as Q4 volumes sell out

Whey protein markets defy broader dairy weakness as Q4 supply dwindles. WPC80 holds above €12,000/mt while WPI tightens further...

US dairy markets rebound as butter and cheese prices rise on CME

US dairy markets turned green this week with butter and cheese prices bouncing back on the CME. Analysis of cold storage data, price...

European cheese markets face downward pressure as supply outpaces demand

European cheese markets face downward pressure with Gouda at €3170/mt and Mozzarella at €3120/mt as buyers shift to hand-to-mouth...

European whey protein concentrate hits price ceiling as production declines persist

WPC80 prices stabilize at €12,150/mt in Europe while US markets climb higher. Production down 10%+ across regions as processors...

Global butter prices plummet as oversupply hits all major markets

Butter prices collapse below 10-year averages as milk production surges 5.44% in US and 2.46% in New Zealand. Food manufacturers face...

US dairy prices tumble as global competition intensifies

US dairy prices tumble with butter at $1.805/lb as European markets weaken. Global competition and EUR/USD currency shifts create downward...

Cheese markets under pressure as European and US spot prices decline

EU and US cheese markets face pressure as buyers delay purchases and spot prices decline across Cheddar, Gouda, Mozzarella varieties.

US dairy markets fall through support levels as milk oversupply weighs on prices

US butter prices fell through $2/lb support level during bearish dairy trading week. Milk production up 3.45% YOY drives butter down 39%...

Global dairy markets plunge as oversupply overwhelms demand across all categories

Global dairy markets plunge as unprecedented milk oversupply overwhelms demand. Analysis of butter crash, SMP weakness, and production cycle implications.

Whey markets return to familiar patterns as protein concentrates dominate demand

Whey markets settle into familiar patterns as WPC80 dominates demand while permeate and lactose struggle. Analysis of Q4 positioning and trade flows.

Euronext to use Vesper Price Index in new Dairy Futures contracts

Vesper is excited to announce the launch of Euronext Dairy Futures contracts, to go live in 2026 (subject to regulatory approval). These contracts will...

Global dairy markets tumble as demand weakness triggers widespread price declines

Dairy markets face sharp declines as demand weakness triggers widespread selling. Butter approaches critical $2/lb level while milk powder prices fall over 5% a

European cheese markets join widespread dairy price declines as buyers retreat

European cheese markets drive widespread dairy price declines as buyers delay purchases. Cheddar, Gouda, Mozzarella, and Emmental...

European butter prices drop to €6,700/mt as supply surplus reaches 56,500mt

European butter prices drop to €6,700/mt as supply surplus reaches 56,500mt. Global butter markets decline across all regions with buyers...

Trump tariffs begin in India, with rice, dairy, and tea amongst products impacted

US tariffs of 50% on most imports from India kick in today, affecting key commodities like basmati rice, spices, pulses, tea and dairy.

US milk production reaches highest growth since 2021 as southern states lead expansion

US milk production reaches strongest growth since 2021 with western states up 3.59% year-over-year. Southern regions maintain 7.5%+ growth...

European cheese markets show widening price spreads

European cheese prices show €500/mt spreads between buyer bids and seller offers. Cheddar, gouda, and mozzarella markets face pressure as...

Dairy fat prices correct lower as milk production increases globally

Global dairy fat prices face downward pressure from record milk production while whey protein markets enter tight Q4 purchasing window.

European cheese prices face summer pressure as trading activity slows

European cheese prices face summer pressure with cheddar at €4,430/mt, gouda at €4,050/mt, and mozzarella at €4,000/mt.

Trump’s tariff deadline has passed: How it’s affecting agricultural commodity trade, country by country

Trump’s August 1 tariff deadline has passed. Explore how agricultural exports are affected, with a country-by-country breakdown.

US butter stocks drop despite rising milk supply as demand outpaces expectations

US butter stocks declined in June despite a significant increase in milk production and milk fat levels, highlighting strong consumption.

European butter market under pressure amid summer slowdown

European butter prices dip below €7000/mt amid high supply, soft demand, and cautious seller behavior | Vesper

How EUR/USD exchange rate shifts are affecting global dairy prices

Discover how recent EUR/USD exchange rate movements are influencing European dairy prices and global trade dynamics.

Cocoa prices rise as supply concerns outweigh demand destruction

Cocoa prices rise despite weak demand as West African production concerns outweigh processing declines | Market Analysis.

Tracking Trump’s US agri-commodity trade tariffs

US President Donald Trump is set to implement taxes as high as 50% on agricultural imports unless deals can be negotiated before August 1.

Why are U.S. butter prices declining while Europe and New Zealand’s remain high?

U.S. butter prices are under pressure from oversupply, while European and New Zealand markets remain elevated.

U.S.–Japan trade deal secures key win for dairy exporters amid global market pressure

Learn how this deal provides critical relief for U.S. cheese, whey, and lactose producers facing global competition in Japan.

Global cheese prices slip as summer demand weakens across Europe and US markets

Global cheese markets soften as European summer holidays reduce demand while production remains steady - cheddar, gouda, mozzarella, emmental

What a 50% US tariff could mean for Brazilian orange juice, coffee, and beef trade

US President Donald Trump’s threat to impose a 50% tax on all Brazilian exports could significantly affect global supply and pricing.

August 1 dairy tariffs set to reshape US import markets as European butter hits €7,000

July 21, 2025 - Vesper Market Intelligence With August 1 rapidly approaching, the impending dairy tariff increases are creating significant market tension...

Global dairy markets grapple with weakness and uncertain direction

Global dairy markets face widespread weakness across butter, milk powder categories. Analysis of uncertain market direction and changing fundamentals.

US-EU trade tensions: impact on dairy, olive oil, and baked goods

US President Donald Trump's proposal to impose 30% tariffs on European goods and the EU’s proposed countermeasures

Whey protein markets signal forward strength as Q4 anticipation builds

Whey protein markets shift focus to Q4 positioning as trade policy concerns grow. Analysis of WPC80, WPI trends, and forward buying strategies.

US dairy markets stabilize as tariff extension removes immediate trade pressure

US dairy markets stabilize after tariff extension as heat wave impacts supply. Weekly analysis of CME trading, butter prices, and divergent export trends.

European cheese markets adapt strategies as supply pressures mount across categories

European cheese markets face supply pressures as producers adapt strategies. Analysis of cheddar, mozzarella, gouda trading amid currency headwinds.

How rising coconut oil prices are driving up ice cream costs this summer

Rising coconut oil prices have pushed the cost of ice cream and production to soaring levels. What's behind the increase?

US dairy markets rally across all products as July 4th legislation drives optimism

US dairy prices surge across all CME products as new congressional legislation boosts markets. Butter and cheese hit production records in May data.

European whey markets face demand drought as Chinese buyers return to US suppliers

European whey markets face challenges as Chinese buyers return to US suppliers. Analysis of sweet whey powder, protein concentrates, and trade dynamics.

Second half of 2025 opens with dairy market weakness as seasonal pressures mount

H2 2025 dairy market analysis shows widespread weakness despite mixed fundamentals. GDT auction results, butter-cream disconnect, and seasonal pressures.

European cheese markets show mixed signals as Q2 ends

European cheese markets face inventory pressure as Q2 winds down. Mozzarella prices fall to €4,150/mt, cheddar drops 20%, while Emmental holds steady.

Dairy markets face pricing pressures as butter strength contrasts with powder weakness

Latest dairy market analysis shows butter prices holding firm while milk powder markets weaken.

Global whey markets navigate trade uncertainty as Chinese demand shifts between US and Europe

Latest whey powder market trends as Chinese demand shifts between US and Europe. Expert analysis on WPC80, SWP, and WPI.

US dairy markets retreat from recent highs as seasonal patterns emerge

Latest US dairy market update shows cheese prices pulling back from highs while trans-Atlantic protein spreads remain wide.

European cheese markets enter summer calm after Q3 trading activity

European cheese markets enter summer calm as Q3 trading activity slows. Cheddar, emmental, gouda, and mozzarella prices stabilize amid buyer-seller standoff.

Butter breaks $2.50/lb as US celebrates national dairy month amid mixed production signals

Butter breaks $2.50/lb as US celebrates national dairy month amid mixed production signals.

Cocoa markets remain volatile as ICCO widens global supply deficit to 494,000 tons

ICCO expands cocoa deficit forecast amid West Africa crop quality concerns. Futures hit $10,974 before pullback.

Dairy markets surge as peak milk season ends, butter prices trigger buyer anxiety

Dairy markets rally as Northern Hemisphere exits peak milk production. Butter hits €7,500/mt amid supply fears. Raw milk, cream prices jump.

Whey markets struggle to find middle ground as trade tensions intensify

Whey ingredient prices hit extremes as trade tensions disrupt markets. WPC80 up 255% in 2 years while lactose, WPI show volatile swings.

US dairy markets show strength amid VUCA environment as Butter prices surge $0.16/lb

US dairy markets rally as butter prices surge $0.16/lb following unexpected cold storage data. NFDM and dry whey gain on weak dollar.

European cheese markets show signs of tightening as Q3 demand accelerates

European cheese prices stabilize as Q3 buyers return to market. Mozzarella hits €4,130/mt, production concerns loom.

Dairy market weekly: Stalemate continues as butter and powder markets seek direction

Latest VPI shows European butter at €7,200/mt while SMP retreats to €2,380/mt.

US-China tariff relief reshapes global whey and lactose markets

Latest Vesper Price Index shows European WPC80 at €12,000/mt while US prices hover at €9,249/mt amid temporary China tariff reductions.

US dairy market weekly: Cheese prices surge amid trade deal developments

Discover how the new US-China trade agreement is driving a $0.12/lb cheese price rally and creating export opportunities for US dairy producers in our latest ma

European cheese market update: Buyers find no bargains as demand surges

European cheese consumption surges 16.91% YOY, driving unexpected price increases despite peak production. Get the latest on cheddar, gouda, emmental and mozzar

Oceanian prices exceed expectations on the GDT

Latest Vesper market report reveals Oceania WMP jumped $365/mt at GDT while European butter falls to €7,100/mt amid peak milk production. Discover critical EU-U

US-China trade tensions create pricing arbitrage opportunities in global dairy markets

Latest Vesper Price Index reveals significant arbitrage opportunities in global dairy markets with EU WPC80 prices 33% higher than US. Discover how shifting tra

US-China tariffs disrupt global dairy market: whey markets see 38% price gap

Latest dairy market intelligence reveals significant price divergence as US-China tariffs disrupt global whey supply chains. See how production growth across US

US dairy markets hold steady amid global economic turbulence, tariff negotiations critical for export outlook

Discover how US dairy markets remain stable amid economic turbulence, with February production trends and 90-day tariff negotiations reshaping export dynamics.

Global dairy market shifts as US-China tariffs reshape whey trade flows

China's 104% tariffs on US whey products are reshaping global dairy trade flows.

Dairy market turbulence: Navigating uncertainty in global Butter, SMP, and WMP markets

BREAKING: US tariffs trigger dairy market chaos. Our analysis reveals current butter, SMP & WMP price disparities.

Global dairy markets face perfect storm: US tariffs, FMD, and supply imbalances

Discover how new US tariffs, China's retaliation, and European FMD cases are reshaping global dairy trade patterns.

Butter finds buyers while powder markets struggle

Latest dairy market analysis shows European butter selling rapidly despite price adjustments, while SMP and WMP markets struggle with weak global demand.

Whey protein markets: diverging paths between concentrates and sweet whey powder

Latest whey market analysis reveals supply constraints driving WPC80 and WPI prices, while sweet whey powder buyers remain hesitant ahead of Q2.

US dairy market update: FMD concerns, cheese prices fall amid production shifts

Latest US dairy market analysis shows declining cheese prices despite regional production growth, while FMD crosses borders in Europe.

European cheese markets show more activity amid seasonal milk flush

European cheese markets shift as mozzarella production rises and milk intake increases. Get the latest insights from Vesper.

Inside the Cocoa market: preventing a drop in demand amidst volatility

Discover key cocoa market trends, from supply shifts in Ivory Coast to changing chocolate demand and price volatility. Get insights for 2025.

The Global Impact of Foot and Mouth Disease (FMD) on the Dairy Market

Explore the impact of Foot and Mouth Disease (FMD) on the global dairy market, from price shifts and buyer preferences to trade bans.

How the Dairy Market is Reacting to Foot-and-Mouth Disease in Germany: Impact on Butter, SMP, and WMP Exports and Prices

Explore how foot-and-mouth disease (FMD) in Germany is disrupting the dairy market. Get insights on the impact on butter, SMP, and WMP prices

Whey Protein Prices Remain High: Market Adjustments and Geopolitical Tensions

Geopolitical uncertainty and shifting market dynamics impacting the whey protein market. Get insights on the 2025 outlook and price trends.

Butter Market Faces Uncertainty: Price Declines and Bumpy Road Ahead

Explore the uncertainty in the butter market, with expected volatility ahead. Stay informed on what is shaping the 2025 outlook

Cheese Market Update: Prices Fall as Milk Supply Concerns Ease

Cheese prices drop as milk supply stabilizes in Europe and North America. Market outlook predicts price stabilization in early 2025

Upward Pressure for Global Lactose Prices

Global lactose prices rise due to tightening supply and strong demand, with the EU and US Vesper Price Indices reflecting increased costs.

Wild Price Swings and Uncertainty within Gouda and Butter markets

Dairy market volatility is on full display, with butter and gouda prices experiencing dramatic swings. This week, prices fluctuated rapidly...

European Butter Prices Hit Record Highs – What Do Butter Price Forecasts Say?

European butter prices reach an all-time high of €8000/mt. Discover key factors driving this rise and what butter price forecasts predict.

Cheese Market Stabilizes After Surge: What Buyers Need to Know About Price Trends and Forecasts

Discover current price trends for Cheese - After a rapid surge, cheese prices have stabilized, raising questions about sustainability.

Record High Cream Prices Propel European Butter Market to New Heights: Price Forecast Indicates Further Increases

European cream prices have hit record highs, exceeding €10,000/mt, pushing butter prices to all-time peaks.

Milk Prices Expected to Stay High Due to Worldwide Supply Constraints

Discover how rising temperatures, bluetongue disease, and a reduced dairy herd are driving milk shortages and price increases.

European Cheese Market Sees Price Increases and Potential Tight Supply in Q4 2024 according to Price Forecasts

Discover the latest trends in the European cheese market as Gouda, Emmental, Mozzarella, and Cheddar Curd experience significant price hikes.

GDT Auction Sees Modest Increase in Price Index, Driven by Fats and Cheddar

The latest GDT auction shows a modest 0.4% increase in the price index, driven by milk fats and cheddar, while milk powders declined.

GDT Event Sees Significant Price Declines Across Dairy Products

Global Dairy Trade (GDT) event sees significant price drops across dairy products, including butter, SMP, and WMP.

Butter Market Update: Tight Supply and Steady Demand Keep Prices High

As of June 19, 2024, the EU Vesper Price Index (VPI) for butter stands at €6600 EUR/MT. Discover the price drivers here...

Valorisation of butter and SMP catches up with cheese in European market

Learn how tight supplies, lower production, and high demand are influencing prices in the EU, US, and New Zealand.

Dairy Market: European liquids prices are through the roof, with cream reaching extremely high

Discover the latest trends in the European dairy market. Declining milk production and more buyers influencing butter, SMP, and WMP prices.

Dairy Market Update: Fluctuations in Liquid Milk Prices

Understand the trends affecting raw milk, cream, SMC, and whey concentrate prices, and discover the implications of regional price variations

High Global Demand Tightens Butter Market, with Cream Prices Hitting Yearly High

Discover the European butter market's challenges: supply shortages, record-high cream prices, and rising global demand tightening the market.

Impact of O.N.I.L. volumes on global SMP market

Discover the impact of the O.N.I.L tender volumes on the global SMP markets. The EU Vesper Price Index (27/03/2024) for SMP rose to...

European cheese market: Sentiment changes quickly, but fundamentals do not

Discover European cheese market trends: Despite a clear outlook, positive GDT events and dairy fat price fluctuations bring uncertainty.

Weaker European Cheese Market due to Inactivity

Explore the current state of the European cheese market, facing a downturn due to inactivity among buyers and suppliers.

Dairy market insights: Price gaps for butter and powder are decreasing among the major producing regions

Explore the latest dairy market update revealing a significant reduction in butter price gaps across major regions (Europe, Oceania, US).

Dairy market update: GDT and Vesper Price Index confirm steady prices amid seasonal adjustments

Dairy market update: monitor market trends for dairy products like Butter, SMP, WPC80, WPI, and more with our latest Vesper Highlights.

Rising cheese prices linked to decreased market liquidity

Discover the latest updates on European cheese prices using our Vesper Price Index.

Gouda quotations pull others up, but will it slide down itself?

Explore the dynamics of Gouda cheese prices and their impact on the market. Understand the implications and the potential shifts in pricing.

Whey: availability is the key difference

Explore the evolving landscape of the whey protein market, as WPC80 and WPI experience an increase in prices.

Cheddar prices throughout the EU have dipped below the price for Gouda

Understand the shift in EU Cheddar and Gouda prices with Vesper. Get data-driven insights to adapt your dairy trading strategy.

The whey market: the drivers behind the significant price jump

Discover what's fueling price surges in the European whey market. Gain insights into liquid whey, whey powders, and export dynamics.

Bullish shift within the butter and whey market

Explore the bullish trends in the butter and whey market with Vesper. Get expert analysis to guide your investment decisions.

Cheese Highlights: confusion, confidence, and cracks?

Navigate the complexities of the cheese market with Vesper's highlights. Understand confusion, confidence, and market cracks.

Growing concerns about global demand for dairy products

Discover the Growing Concerns in the Dairy Industry: Will Milk Prices Hold Steady at $2350/mt? Uncover the Uncertainty Surrounding Dairy Demand and Commodity Pr

Indian milk production two years behind schedule, although growth is expected to return

Explore India's milk production trends, import shifts, and growth forecasts on Vesper. Get updated stats and global market insights.

China's milk production sees modest growth in 2022-2023

China aimed for 70% dairy self-sufficiency by 2020, reaching 66% by 2022. High milk prices drive growth, but recent drops pose challenges.

High cheese prices among weaker dairy complex: How much longer can the cheese market maintain its current prices?

Stay informed on cheese prices & trends, navigate fluctuating milk production's impact on valorisation & exports.

Cheese Highlights: just start very high, you can always settle for less

Master the cheese market with Commodity Intelligence - Vesper offers valuable insights into cheese market trends, pricing, and trade dynamics. Make informed dec

Cheese Market: Prices crumble as demand weakens

Discover the current state of the cheese market as prices decline and demand weakens. Cheese manufacturers are grappling with busy schedules and seeking outlets

Highlights on the global cheese market: The bigger the uncertainty, the bigger the premium

Global cheese market stabilises with balanced supply and demand, minimal price movement despite Q3 premiums.

Highlights on the Global Butter and Whey Market: Uncertainty-driven premiums cause more uncertainty

Sellers hold prices steady with ample outlets, while cautious buyers hesitate amid lower consumption risks in Q3 dairy market.

Highlights on the global cheese market: Uncertainty on the size of the increase

Dairy market anticipates Q3 price rises, but uncertainty prevails as premiums challenge buyers and sellers alike.

Highlights on the oils & fats market: Falling food prices go hand in hand with bearishness

Explore recent geopolitical tensions: Taiwan-China military exercises, easing China-Australia trade conflict, and global food price trends.

Highlights on the global cheese market: A buyers’ market with low availability

Global dairy market favours buyers with falling prices amid increased availability and economic uncertainty.

Highlights on the Butter and Whey market: Is someone interested in proteins?

Dairy market sees strong supply in Northern Hemisphere, with production increases; demand uncertainty affects price stability.

Highlights on the Cheese market: No pressure, and therefore no trades

The market feels quiet, inactive, and predominantly uncertain at the moment. A period of increased activity is behind us, while the future is still a black...

Highlights on the Butter and Whey market: What will we do with all these liquids?

Week by week, there is more milk coming in on the Northern Hemisphere. The spring milk flush is getting started, which keeps on pushing milk into the dairy...

Highlights on the global Cheese market: The ‘classic’ stand-off full of hesitancy

Prices have managed to climb up fast in February but have lost their momentum over the past weeks. Hesitation and later uncertainty have crept back into the ...

Big differences are starting to occur between European countries

Significant variations have emerged among European countries in terms of milk production. While the latest data indicates that EU28 milk production has...

Highlights on the Butter and Whey market: Volatile fats and weaker proteins

The global markets for Butter show an unseen degree of volatility, with 100’s of €’s being added or subtracted from the market price within hours. We will...

Highlights on the global Cheese market: has the urge to buy subsided? Or is it just temporarily quiet?

Throughout the last weeks, buyers had to cover several nearby positions and were willing to lock in volumes further away, creating a price rally for some...

Highlights on the Butter and Whey market: Down, up, and then down again

When taking a look back at how much dairy prices decreased since their peak last year (e.g. EU Butter -40%, OCE SMP (Food) -40%, and US SWP (Food) -60%),...

Farm-gate milk prices follow the commodity prices on their way down from record levels

In early 2022, milk production was at a deficit compared to the previous year. Weather was unfavorable, feed prices increased, and energy and fuel costs...

Highlights on the European cheese market: back to historically ‘average’ price levels.

Another two very bearish weeks in the European dairy market have pushed cheese prices lower and lower. Sellers have accepted lowering prices a couple of...

Highlights on the butter and whey market: prices are falling, but where to?

The bearish tone of the current butter, SMP, WMP, and whey powders market is partially caused by lower demand, driven by reduced consumption. This does not...

Farm-gate milk prices; a driving force behind milk production estimates. A retrospect on European farm-gate milk prices and production, accompanied by 2023 projections.

Over the autumn of 2022, European farmers maxed out their milk production, as foreseen by the historically high farm-gate milk prices coops were offering....