2022 is not over, yet all dairy players have their eyes riveted on 2023. As the year ends on a very bearish note, some buyers are already locking in their Q1 positions, satisfied with the lower prices that we see for Q1. However, others continue to wait as they still doubt the strength of the current price level will be significant enough in this gloomy economic context.

Regarding demand, China’s should continue to be weak in the following weeks. Nonetheless, many players expect Chinese demand to resume in 2023, but whether it will return to the levels reached in the past few years remains to be seen. The effects of the newly adopted Covid approach in China will also be a key watchpoint.

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