New Zealand

87 news articles covering commodity markets in New Zealand.

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.

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.

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.

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.

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.

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.

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.

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.

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 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.

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 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 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.

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.

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.

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.

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.

Australian sheep meat exports decline sharply in March as MENA shipments contract

Australian lamb and mutton exports fell to 42,656 tonnes in March 2026, down 24% year on year and 6% below the five-year average, as MENA flows contracted.

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 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.

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.

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 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.

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.

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.

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.

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.

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.

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.

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

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.

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 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 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.

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.

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.

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 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.

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.

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.

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.

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.

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 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

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.

Egg Prices Increase Amid Avian Influenza Crisis: What You Need to Know

Egg prices are skyrocketing as Avian Influenza disrupts global supply chains. Discover to what extent egg shortages are worsening.

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.

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

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 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).

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.

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

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

Discover fresh cheese market updates, price trends, and forecasts to make smarter buying decisions and manage volatility.