Dairy

300 news articles on Dairy markets and pricing.

SMP hits a GDT high not seen since 2022 while butter slides

SMP rose 3.1% at the Global Dairy Trade auction to its highest since June 2022, while butter fell another 4.7% with stocks high in every exporting region.

WPC80 falls level with MPC85, and reformulation turns around

European WPC80 has fallen to the level of MPC85, removing the price reason to switch to milk protein, and the rest of the whey market is now following it down.

Cheese spot markets jumped while the supply picture stayed heavy

Mozzarella and Gouda tightened in Europe while US blocks rose about 18% in under a week on two recalls, with the cheese fundamentals unchanged underneath.

US butter stocks drew down at half last year's pace

Butter left US warehouses at half last autumn's rate even though it was cheaper, leaving stocks 16.5% above a year ago heading into the holiday drawdown.

Euronext opens butter and SMP futures on the Vesper index

Euronext began trading butter and SMP futures this week, both settling on the Vesper Price Index, as EU, US and New Zealand milk all came in on expectations.

Nobody wants to be the buyer who stops WPC80 falling

European WPC80 has fallen again, bids and offers are far apart, and almost nothing is trading. Every week of waiting has paid off for buyers so far.

Protein wants more skim while butter has too much fat

Milk is plentiful in every major exporting region, but the fat half and the protein half of that milk are pulling in opposite directions as the year winds down.

European cheese holds steady while US Cheddar blocks jump

Europe's cheese slide has paused, with Gouda and Mozzarella stable and Cheddar firm, while CME Cheddar blocks rallied from $1.27 to $1.53 a pound in two weeks.

The Q4 window closes on heavy butter and scarce SMP

Milk output is holding up better than feared. Butter sellers are short on time for Q4, while SMP buyers who waited face a market with little product left.

US sweet whey reaches a 2026 high while whey proteins fall

Export demand has lifted US sweet whey powder to its highest level of 2026, while WPC80 keeps falling and hard-to-find specs still cost buyers more.

China buys less dairy but more cheese and butter

China's dairy imports fell 3.7% in milk equivalent this year while its cheese and butter buying rose about 18%. See where US suppliers gained ground in Asia.

European butter loses ground while the market chases protein

EU butter is 28% cheaper than a year ago while SMP is up 56%. See where European butter prices head in our free EU Dairy Q4 2026 outlook.

European whey protein splits from milk protein

WPC 80 fell 18.5% in a month while MPC 85 kept climbing. See where European whey protein prices settle in our free Sports Nutrition Q4 outlook.

US cheese blocks slide while stocks build

CME cheese blocks are 23.7% below a year ago and US stocks are building. See where US cheese prices head next in our free US Dairy Q4 2026 outlook.

US WPC 80 drops 15% while milk protein keeps climbing

US WPC 80 fell 15% in a month as more American supply reached the market. See where whey and milk protein prices head in our free Q4 outlook.

Cheese prices soften as production outruns demand

US Cheddar and Mozzarella are leading cheese prices lower as production growth outpaces demand, with US cheese stocks up 2.3% on the year in August.

MPC 85 is setting the floor under a falling WPC80 market

WPC80 prices are falling quickly in Europe and the US as buyers wait, but firm MPC 85 is closing the gap from the other side and limiting how far whey can drop.

Whole milk powder trades below skimmed in New Zealand

New Zealand WMP has slipped below SMP and US NFDM sits above butter, as weak milkfat and firm protein compress the usual spreads across all three dairy regions.

Cheese is back to normal everywhere except across the Atlantic

European cheese offers have thinned as buyers step back, while new US capacity keeps filling with Mozzarella that has to be exported to clear.

Fewer pounds, more dollars in US milk powder exports

US NFDM and SMP exports fell 6.3% in January to July while their value rose 7.9%. Production is climbing, but the product mix is turning toward home.

Milkfat keeps building stock while milk protein tightens

Milkfat is still stock-building across all three regions while producers divert milk away from SMP, and US NFDM disappearance runs 30% above last year.

WPC80's standoff starts to break, and MPC 85 takes the lead

Buyers have stopped committing on WPC80 and offers are sliding, while MPC 85 is effectively sold out for the rest of the year across Europe, the US and NZ.

The EU protein premium is now twice what a shipment needs

EU MPC 85 trades 29% above the US benchmark and WPC80 14% above it, against break-even premiums of roughly 5% and 6% once duty and freight are paid.

Cheese prices rise in Europe, fall everywhere else

European cheese offers are moving up on tighter milk, while US and New Zealand Cheddar keeps falling. The widening spread is a problem for EU exports.

Where the new US-Canada dairy tariffs actually bite

New US and Canadian dairy tariffs cover powders, whey and MPC, but the exposure is uneven. Here is where the duties actually reach trade flows on both sides.

Butter surplus grows while dairy protein markets tighten

Butter is piling up across Europe, the US and New Zealand while SMP tightens on strong demand, pulling dairy markets in two very different directions.

Q4 whey negotiations stall in a pricing standoff

Whey protein markets are stuck in a Q4 standoff between buyers and sellers, while milk protein concentrate is sold out and climbing on reformulation demand.

Protein blends challenge whey's grip on sports nutrition

Sports nutrition brands reformulate around cheaper protein blends as whey stays expensive, mixing in MPC 85, MPI 90 and caseinate at a fraction of the cost.

A summer milk shortfall squeezes Europe's cheese supply

Strong demand and a seasonal drop in milk intake are pushing cheddar, gouda, emmental and mozzarella prices higher across Europe, with mozzarella leading.

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 MPC 85, 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 stocks ended May at 335.6m lbs, the lowest May reading since 2022 and down 8%, despite record four-month output.

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

The two big egg markets are pulling apart: Europe is still easing from its spring peak but slowing, while US prices firm as stocks tighten and demand picks up.

Summer lull pulls cheese prices further from their spring peak

European cheese has drifted further from its spring peak as the summer lull sets in, with Q3 covered and sellers left to increasingly competitive spot trades.

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

Cocoa snapped higher with ICE London July futures up 11% to £3,488/t and New York up 11% to $4,545/t, as the market turned to 2026/27 supply risk.

European cheese softens as buyers wait out the summer

European cheese keeps softening. With Q3 coverage behind them almost all buyers have stepped aside, bids sit notably lower and sellers are struggling to move.

Ivory Coast arrivals outpace last season, pressuring cocoa

Cocoa fell on supportive West African weather and a jump in Ivory Coast arrivals, with ICE EU down 6% to 2,940 GBP/t and ICE US down 6% to 3,831 USD/t.

Whey protein pauses for breath, but the market stays tight

With Q3 purchasing largely wrapped up, the sharp rises across the whey protein concentrate complex are losing momentum, though the market stays tight.

US peanut acres set to shrink, lifting the price floor

The peanut market has moved back into cost-of-production territory after a long oversupply, with firm prices across the US, Argentina and Brazil.

US milk powder prices slip as production growth cools

US nonfat dry milk fell about $0.20/lb in a week, New Zealand powder dropped $200/mt at the GDT pulse, and European quotes eased from €2,900 to €2,800/mt.

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

US NFDM fell around $0.20/lb in a week and the move travelled, with NZ SMP down $200/mt at the latest GDT pulse event and European SMP easing alongside.

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

EU cocoa rose 7% on the week to 3,153 GBP/t for front-month July 2026, while the September contract gained 8% and at one point rallied over 10% in a session.

European cheese markets ease into summer lull as Q3 demand completes

European cheese prices edged higher on seasonal warmth and Q3 forward buying, then stalled as that demand was covered and the summer lull set in.

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

The global dairy market is running two stories at once: US NFDM is historically expensive and hard to source, while European butter production keeps building.

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 drawing in both more supply and more demand, with demand growing at least as fast.

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

The CME spot call closed mixed as the complex absorbed a stronger dollar and the US-China summit, with blocks down 6 cents and barrels down 3, both to $1.57.

European cheese prices rise as Q3 buyers return

European cheese prices have moved higher over two weeks, but in stops and starts, as fresh spot and Q3 demand lifted a market that had been drifting lower.

European eggs cool while the US flips from scarcity to surplus

European eggs are easing from post-Easter highs, but unevenly: caged and standard soften on Eastern European supply while free-range stays tight on disease.

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 climbed again, with NZ passing $3,600/mt at the GDT auction while US NFDM keeps printing new highs on the CME spot call.

Whey protein tightness drives reformulation toward MPC 85 in Q3

The global whey protein market opened its Q3 window at fresh highs, with WPC80 leading the complex up and prompting a clear reformulation trend industry-wide.

Cheese markets soften under weight of peak milk supply

European and North American cheese markets are broadly stable but the tone is bearish, with milk near its seasonal peak leaving cooperatives few options.

Butter weakens while milk powders climb on record US NFDM pricing

Butter and milk powders are moving in opposite directions, with heavy milk flows pressuring butterfat while US NFDM hit a CME record and pulled SMP higher.

Indian basmati prices climb on tight supply and Gulf shipping uncertainty

Indian basmati has risen over three weeks, with 1509 Steam up to USD 90-91 per quintal from USD 82-83 and 1718 Sela climbing to USD 94-96 per quintal.

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

WPC80 and WPI remain at record levels in Europe and the US, above the point where reformulation has begun but not yet enough to close the supply gap.

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

Nordic Sugar will close its standalone refinery at Porkalla, Finland and move raw sugar refining to its beet factory, the first such EU closure since quotas.

Cheese markets flip from Q1 shortage to Q2 surplus

Q1 was defined by limited commodity cheese availability as export demand pulled volumes out of Europe and the US. At the start of Q2, that dynamic has shifted.

Butter leads dairy prices lower at start of Q2 flush season

Dairy markets entered a calmer phase at the start of Q2, with the flush season adding pressure to butter, SMP and WMP prices in Europe and New Zealand.

WPC80 shortage drives protein markets into uncharted territory

The whey protein market is splitting: WPC80 faces a structural shortage with no near-term relief, while sweet whey, permeate and lactose soften on exports.

European cheese markets turn softer at the start of Q2

After a firm Q1 held tight by export demand, European cheese is softening as high production and a less favourable exchange rate press on sellers.

European butter prices correct sharply while SMP holds firm

European butter fell from close to EUR 5,000/mt to as low as EUR 4,200/mt in days, after fresh and older volumes came to market at the EUR 5,000 level.

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

WPC80 has tightened to the point that transactions above EUR 20,000/mt are reported for Q2, Q3 and Q4 2026, with buyers locking in volumes well into the year.

NFDM prices approach 10-year highs as US supply tightens

US non-fat dry milk rose a further USD 0.08/lb on the week, a 4.53% gain that leaves prices just USD 0.055/lb below their ten-year highs on tighter supply.

NFDM prices approach 10-year highs despite record milk surplus

Non-fat dry milk rose 4.53% this week to within $0.055/lb of ten-year highs, a striking disconnect from surging milk production across all major regions.

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

Raw milk is hitting European spot markets at €0.10-€0.25/kg in mid-March, yet cheese stocks are tight and prices firm, because capacity is running flat out.

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

Bakery procurement in H2 2026 faces mixed signals: some ingredients are softening, others under renewed pressure, and a handful in genuinely tight supply.

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

Chocolate manufacturers face an ingredient picture very different from the start of the year: cocoa has fallen sharply while other input costs have risen.

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

European butter enters 2026 with ample supply after strong 2025 production, keeping stocks elevated and capping prices until milk tightens later in the year.

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

European Cheddar production held strong through 2025 on abundant milk, yet stocks remain lean and prices firm as the expected supply-heavy H1 did not arrive.

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

European dairy in 2026 is not one market but several: some categories are well supplied and stable, others have tightened far beyond what was expected.

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

European Mozzarella output held strong through 2025 on abundant milk, yet prices have risen sharply since February as buyers find little nearby product.

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

European raw milk output accelerated through late 2025 and that momentum carries into 2026, with the flush set to add significant volume in Q1 and Q2.

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

Gouda output was robust across Europe in 2025 on strong milk, yet stocks stayed lean as consumption and exports absorbed volumes, and prices moved higher.

Lactose market forecast 2026: stability returns after 2025 price spike

Lactose rose sharply through 2025 as US tightness pulled European prices higher. That dynamic has shifted, and the global market is settling into stability.

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

H2 2026 brings pizza, pasta and snack manufacturers near-term stability alongside building supply risk, with some procurement windows unlikely to last.

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

The global skim milk powder market has turned firm rather than supply-heavy as 2026 began, and that tone looks set to persist for the foreseeable future.

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

The sports nutrition supply chain is under its heaviest pressure in years, as whey demand broadens into medical, weight management and food fortification.

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

Sweet whey powder shows a clear Europe and US divide in early 2026, with European prices well above the subdued picture first expected as energy costs rise.

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

The US dairy market entered 2026 expected to be well supplied. That has changed: butter is tight, powder is tight, and whey protein is the tightest in years.

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

US butter is far tighter than expected into 2026: January output rose 6% to 231 million pounds, yet demand and exports left stocks down 17% on the year.

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

Whey permeate is one of the steadier dairy products heading into 2026, largely insulated from volatility as high WPC80 and WPI output keeps supply flowing.

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

European whole milk powder follows butter and SMP together with milk availability. With butter rangebound and SMP firm, the WMP outlook has shifted up.

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

WPC80 stands apart from the dairy complex, driven by demand rather than milk availability, and that firm tone is expected to persist throughout 2026.

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

Whey protein isolate demand keeps outstripping capacity, with European facilities running flat out and no realistic path to increase output meaningfully.

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 hit all-time highs, driven largely by competitive American pricing on global markets.

Tight skimmed milk powder supply supports global prices

Skimmed milk powder stays firmly supported as limited US and Oceania supply meets steady import demand, with the EU Vesper Price Index at €2,600 per tonne.

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

European Gouda, Mozzarella and Cheddar all firmed into early March 2026, even with milk running about 5% above year-ago levels, as capacity stays the limit.

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

Ivory Coast has reclassified March cocoa as mid-crop rather than main crop, sharply cutting farmgate prices in a bid to move unsold stocks into the market.

Dairy markets firm on scarce offers and strong export demand

A shortage of offers is lifting butter and SMP prices across Europe, the US and Oceania, as sellers export aggressively or hold back rather than quote.

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

WPC80 is tightening fast with Q2 volumes close to sold out across Europe and the US, and buyers now focused on securing volume rather than on price.

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

Cocoa has fallen about 35% in a month and sits 70% below year-ago levels, with ICE EU March 2026 at £2,438/t as unsold beans build in Ghana and Ivory Coast.

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

EU Gouda and Mozzarella have risen to around €3,300/mt in February, as low stocks and firm producer pricing defy the correction the trade had expected.

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

US producers pushed milk output to record levels in December 2025, even with Class III futures at $14.58 per cwt and Class IV below the cost of production.

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

USDA's cattle report put the 2025 US calf crop down 1.6% at just under 32.9 million head, with beef cow inventories off 1.0% and supply tight through 2026.

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

European skim milk powder reached €2,200 per tonne in late January as a short squeeze lifted prices 10%, despite structurally weak long-term fundamentals.

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

EU WPC80 instant reached €14,320 per tonne and US prices €15,067 in late January, as manufacturers sold out volumes and demand outstripped available supply.

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

London cocoa fell over 12% to 3,347 GBP/t, a two-year low, as fixed farmgate prices in Ivory Coast and Ghana created a West African supply bottleneck.

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

Cheese holds firm around €3,000/mt despite peak seasonal production, while collapsing butter prices shift dairy valorisation calculations toward protein.

Cocoa market seeks equilibrium after 50% price retreat

Cocoa futures trade in a narrow range as the market seeks equilibrium after a 50% retracement, with mild Harmattan and good rainfall supporting West Africa.

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

US dairy ended 2025 with declines across every category, butter down 45% and cheese down 28%, as abundant milk supplies reshaped the pricing landscape.

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

European butter closes 2025 under pressure with the EU Vesper Price Index at €4,090/mt, and a 93,700 mt surplus pointing below €4,000/mt in the first quarter.

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 stayed near multi-year highs at 17.3% year on year even as cocoa fell 60% from its peak, limiting any recovery in demand.

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

Gouda has fallen to EUR 2,980/mt as producers lock in Q1 and Q2 sales ahead of seasonal weakness, while buyers hold back waiting for further declines.

Global milk production overwhelms demand, timing mismatches amplify market pain

US cheese hit 2025 lows and the butter spread to retail topped $2.77/lb, as strong milk output across the US, Europe and New Zealand overwhelms demand.

European butter surplus climbs to 106,000 metric tons

European butter production surged 5.09% in 2025 to leave a 106,000 mt surplus, with cream cheap at €5,500/mt and buyers already covered for their needs.

US whey protein shortage is pushing prices to record levels

A critical shortage of US WPC80 and WPI is forcing global buyers into European markets, as GLP-1 medication demand drives whey protein consumption higher.

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 fell more than 9% this week to around 4,202 GBP/t, as Singles Day spending dropped 20% and Barry Callebaut reported a 5.3% fall in chocolate volumes.

European cheese exports surge as dollar strength reshapes global trade flows

European cheese has regained export competitiveness as a stronger dollar pushes Asian buyers from US to EU suppliers, clearing stocks and steadying prices.

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

EUR/USD moving from 1.17 to 1.14-1.15 is supporting European skim milk powder prices despite weak fundamentals, with currency outweighing supply and demand.

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 a shortage, pushing spot prices to a record $6.35 per pound.

Chocolate makers adjust recipes as cocoa costs remain elevated

High cocoa prices are driving recipe changes across the industry, with rice, oats and sunflower seeds replacing cocoa and some bars losing the chocolate label.

Exchange rate shift sends US dairy prices into sharp decline

NFDM fell sharply as the exchange rate turned against US exports, with the dollar gaining and the euro losing ground to make US product less competitive.

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

Mondelez puts European chocolate demand elasticity at 0.7-0.8, well above the 0.4-0.5 the industry expected, as cumulative 30% price rises test consumers.

US cheese prices rise above European levels, affecting international competitiveness

US cheese has climbed to levels where international competitiveness is a challenge, with cheddar at $1.78 a pound while Europe offers very competitive prices.

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

CME butter has fallen sharply as US milk production grows 3% year on year alongside higher output from New Zealand and Europe, pressuring the whole market.

Butter markets show temporary stability but underlying weakness remains

European butter trades below €5,000/mt as abundant milk pressures dairy, with the EU VPI at €4,900/mt and SMP and WMP prices expected to decline further.

European WPC80 market empties for Q4 following large volume purchases

The European WPC80 market has turned significantly tight within weeks, with Western European producers quoting above €12,500/mt after large Q4 purchases.

Cocoa demand destruction confirmed as Q3 grind numbers reveal global decline

Q3 cocoa grind figures confirm demand destruction, with European grind down 4.8% to 337,353 mt and Asia down 17% as high prices hit chocolate consumption.

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 favour buyers as heavy stocks meet weak demand, with butter, SMP and WMP prices falling and production cost margins narrowing into Q4.

Whey protein supply runs low as Q4 volumes sell out

Whey proteins are bucking broad dairy weakness as Q4 volumes grow scarce, with WPC80 holding above €12,000/mt and WPI tightening further still.

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

US butter and cheese bounced back strongly on the CME call, despite mixed cold storage data and continuing questions about long-term market direction.

European cheese markets face downward pressure as supply outpaces demand

European cheese is under pressure with Gouda at €3,170/mt and Mozzarella at €3,120/mt, as buyers move hand-to-mouth and high milk prices squeeze margins.

European whey protein concentrate hits price ceiling as production declines persist

European WPC80 has stabilised around €12,150/mt while US markets keep climbing, with production down more than 10% across regions on processor cutbacks.

Global butter prices plummet as oversupply hits all major markets

Butter has fallen below ten-year averages as milk production surges 5.44% in the US and 2.46% in New Zealand, with CME butter down to $1.68 per pound.

US dairy prices tumble as global competition intensifies

US butter has dropped to $1.805/lb with NFDM at its weakest in months, as European markets soften and EUR/USD shifts intensify global export competition.

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

CME butter fell through the $2/lb support level in a bearish week, as milk production up 3.45% year on year keeps expanding the pool and crushing prices.

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.

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 is driving a broad dairy decline as buyers step back, with Cheddar, Gouda, Mozzarella and Emmental all under pressure from strong production.

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

European butter has fallen to €6,700/mt as the supply surplus reaches 56,500 mt, with butter prices declining across all major regions and buyers in control.

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 posted its strongest growth in over three years in July, with western states up 3.59% year on year and southern regions above 7.5%.

European cheese markets show widening price spreads

European cheese shows €500/mt spreads between buyer bids and seller offers in late August, leaving Cheddar, Gouda and Mozzarella markets under pressure.

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 as trading activity slows.

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 edge below €7,000/mt as summer trade stays subdued, with sellers holding out rather than cutting further in hope of an August pickup.

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

A move from 1.17 to 1.15 in EUR/USD has already shifted export competitiveness and price levels across European dairy, from SMP through to butter.

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?

US butter prices have fallen sharply on oversupply while Europe and New Zealand hold at elevated levels, showing how far regional supply balances diverge.

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

With August 1 approaching, dairy tariff increases are building market tension as European butter reaches €7,000/mt and US whey faces export uncertainty.

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 proposed 30% tariffs on European goods and the EU's countermeasures could significantly impact global food commodity trading.

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

European butter holds firm despite cream price volatility while milk powders show seasonal weakness, leaving wide spreads between buyers and sellers.

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

US butter climbed back above $2.50/lb on an absence of CME offers, even as April data showed output up 3.86% and protein powders moved the other way.

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

The ICCO widened its 2023/24 cocoa deficit estimate to 494,000 tons as mid-crop quality concerns persist in West Africa. Futures hit $10,974 before easing.

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 stabilise as buyers return for June and Q3 volumes, with Mozzarella at €4,130/mt and production constraints looming into the autumn.

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

Weekly VPI: European butter holds at €7,200/mt on rising cream prices while SMP retreats to €2,380/mt, with buyers cautious about second-half trends.

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, pushing Chinese buyers toward European suppliers instead.

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

New US import tariffs have triggered market-wide dairy disruption. Where butter, SMP and WMP prices now stand, and how far the regional gaps have opened.

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

New US tariffs, China's retaliation and foot-and-mouth cases in Europe are converging to reshape global dairy trade patterns and regional supply balances.

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 volatility is on full display, with butter and gouda swinging hard around the first of October as very high offers gave way to very low ones.

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, breaking through €10,000/mt and pushing butter prices to skyrocket again across the dairy sector.

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

The latest Global Dairy Trade (GDT) event saw substantial price drops across dairy products, including butter, SMP, and WMP, on stronger seasonal supply.

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

The EU Vesper Price Index for butter stands at €6,600/mt EXW as of June 19, 2024, with Oceania at €6,797 and the US at €6,466. The drivers behind the levels.

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

Butter and SMP valorisation has caught up with cheese in Europe, as tight supplies, lower production and firm demand lift 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

Algeria's O.N.I.L has tendered for SMP and WMP delivery between June and September. How the volumes are landing on an already bearish global SMP market.

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

Thin liquidity and tight liquid milk availability are lifting European cheese prices again, with the latest Vesper Price Index showing gains across grades.

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 prices climb while SWP, Whey Permeate, and Lactose markets stay stable.

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 and trends, and navigate fluctuating milk production's impact on valorisation and exports across the dairy complex.

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

The global cheese market stabilises on balanced supply and demand, with minimal price movement despite Q3 premiums and thin traded volumes.

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 markets broadly agree Q3 prices should be higher than Q2, but not by how much. Premiums feel too big for buyers and far too small for sellers.

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

The global dairy market favours buyers with falling prices amid increased availability, rising inflation, and growing 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 cheese market feels quiet and uncertain. Larger buyers have covered most of Q2 and so have some sellers, leaving little pressure and few trades.

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

The Northern Hemisphere spring flush is under way and keeps pushing milk into the market, with European raw milk spot prices dropping below €0.30/kg.

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

Cheese prices climbed fast in February then lost momentum, with hesitation and uncertainty back in global markets and no clear direction for either side.

Big differences are starting to occur between European countries

EU28 milk production rose 0.98% year on year, but growth rates differ substantially between individual European countries. Where the gaps are widest.

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

Global butter markets are showing unusual volatility, with hundreds of euros added or taken off the price within hours. The latest numbers look bearish.

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

Buyers covering nearby positions and locking in forward volumes drove a rally, but that demand has passed, leaving both sides of the market reluctant.

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

With EU butter down 40%, Oceania SMP down 40% and US SWP down 60% from last year's peak, a rebound was expected. Its timing and strength surprised many.

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

Milk production ran at a deficit in early 2022 on poor weather and high feed, energy and fuel costs. How farm-gate prices followed commodities back down.

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

Two more bearish weeks have pushed European cheese lower, with sellers moving what they can to stop stock ageing and losing value as prices keep falling.

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

The bearish tone across butter, SMP, WMP and whey powders is partly lower consumption. Buyers are still there, but sellers have to work harder to find them.

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.

European farmers maxed out milk production through autumn 2022 on historically high farm-gate prices. A retrospect on that cycle, with 2023 projections.