Milk and Milk Products. Price and Trade Update: October
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1 October Milk and Milk Products Price and Trade Update Weekly Newsletter Milk and Milk Products Price and Trade Update: October 1 INTERNATIONAL PRICES: Weak import demand causes prices to fall International dairy product prices began at low levels and, despite some positive movement in February and March, resumed a declining trend from April to August. In September, concerns that milk output in New Zealand would fall during the current June/May dairy year caused Oceania prices to rise, although quotations from the EU were little changed. The softening of the international dairy prices, which began in early 214, was to a large extent the result of reduced import demand from China and, subsequently, the Russian Federation, amid ample world export availabilities. The FAO Dairy Price Index stood at in September, up 5 percent from August, but 24.3 percent lower year-on-year. Compared with September 214, quotations for all dairy products ced in the Index were substantially lower: down 33.8 percent for skimmed milk powder (SMP) to USD per tonne; down 27.5 percent for whole milk powder (WMP) to USD per tonne; down 24.5 percent for cheddar cheese to USD 3 per tonne; and down 12.7 percent for butter to USD per tonne. 1 The Milk and Milk Products: Price and Trade Update is prepared by the meat and dairy section of the Trade and Markets Division, FAO. The present issue cs developments up to the end of September.
2 FAO Dairy Export Price Indices: 8-35 Butter 25 WMP SMP Dairy Index Cheese 15 5 Trade Outlook: Overview = Reduced imports by China and the Russian Federation behind an expected contraction in the international dairy market Trade in dairy products is forecast to fall by 1.7 percent in to 71.3 million tonnes of milk equivalent, due to weakened international demand. While countries in Asia would remain the principal destination for trade, the region s imports are expected to fall for the first time since 6. A downturn in China s purchases following several years of exceptional growth is the main factor behind this change. Elsewhere in Asia, Saudi Arabia, Indonesia, Malaysia, Vietnam, the United Arab Emirates, Japan and the Republic of Korea are expected to buy more. Lower international prices are expected to stimulate purchases in Africa as a whole, in particular by Algeria, Egypt and Nigeria, as well as in Latin America and the Caribbean, by Mexico, Venezuela and Brazil. Strong domestic demand for butter and cheese are likely to boost total dairy imports by the United States. In Europe, purchases by the Russian Federation are predicted to fall markedly for the second year in a row, reflecting devaluation of the rouble, along with the continuation of the ban introduced in August 214 on trade with Australia, Canada, the EU, Norway and the United States, which has particularly affected cheese. Imports by the EU also are anticipated to fall.
3 As for exports, the two major sources of supply, New Zealand and the EU, are predicted to keep deliveries to foreign markets essentially unchanged in, while those of the United States, India, Argentina, Turkey, and the Islamic Republic of Iran could fall substantially. Conversely, Belarus and Australia are projected to register some growth in exports compared to the previous year Milk and Milk Products Imports * f'cast * Milk Equivalent, ' tonnes IMPORTS: TOTAL MILK thousand tonnes (Milk Equivalent) World China Mexico Saudi Arabia Algeria Russian Fed Indonesia Malaysia Vietnam EXPORTS: TOTAL MILK thousand tonnes (Milk Equivalent) prelim. f'cast World New Zealand EU United States Belarus Australia Argentina
4 Whole milk powder (WMP) Trade to fall World trade in WMP is projected to drop by 5.5 percent in to 2.4 million tonnes, the first decline since 7. Since reaching a peak of USD per tonne in January 214, WMP prices have almost continuously been on the decline until September, dropping 58 percent to USD per tonne. Slashed purchases by China, which accounted for nearly 4 percent of world imports in 214, has been the primary factor influencing prices this year. China s year-to- July WMP imports were 5 percent down from 214, stemming from reduced domestic demand and processors utilizing previously imported stock. Elsewhere in Asia, low prices have stimulated demand in several major markets, including United Arab Emirates, Oman, Vietnam, Saudi Arabia, Sri Lanka, Indonesia and Malaysia. In North Africa and Latin America and the Caribbean, Algeria, Nigeria and Brazil are also anticipated to step up imports. The sharp fall in purchases by China this year is likely to be reflected in reduced shipments by all the principal exporters, namely New Zealand, the EU, Argentina and Australia, and many smaller scale exporters, such as the United States and Brazil could also be affected. New Zealand, as the largest exporter of WMP, with a 55 percent world market share, supplying 8 percent of China s WMP imports in 214, has had to make the most adjustment. Despite seeing sales to China drop by half in the first seven months of, New Zealand s exports of WMP were only 5 percent below the same period in 214. This was achieved by substantially increasing exports to a wide geographical range of countries, including Algeria, Malaysia, Venezuela, the United Arab Emirates, Vietnam and Nigeria. In some cases, this substituted for shipments by other exporters that traditionally supplied those markets. 7 China: WMP Imports * 6 5 Jan-Jul 211 Jan-Jul 212 Jan-Jul 213 Jan-Jul 214 Jan-Jul
5 WMP exports: New Zealand major markets * China UAE Algeria Malaysia Sri Lanka Saudi Arabia Jan-Jul 214 Jan-Jul IMPORTS: WMP World China Algeria Venezuela UAE Oman Singapore EXPORTS: WMP World New Zealand EU Argentina Australia
6 Skimmed milk powder (SMP) Trade to grow Trade in SMP is predicted to grow by 3 percent in. As with WMP, SMP prices have fallen almost uninterruptedly since early 214, dropping 62 percent, from USD in February 214 to USD per tonne in September. Despite the similar magnitude of price decrease to that registered by WMP, quotations for butter - SMP s co-product fell much less, which prompted manufacturers to switch production from WMP to SMP/butter. SMP is central to the milk processing industry in many countries and, as such, demand is more dispersed than that of WMP, with no single importing country predominating. Although China is expected to see SMP imports fall by 16 percent, this would be more than compensated for through rising purchases by other countries, principally Malaysia and Mexico, but also Brazil, Japan, Egypt, Thailand and Vietnam. The current absence of the Russian Federation as a market for its cheese encouraged the EU to increase the volume of milk channelled into SMP and butter production from August 214. As a consequence, SMP exports by the EU, which had already surged in 214, are forecast to increase further in. Australia s continued focus on SMP production for export should also sustain the country s deliveries, especially to Southeast Asia. In the case of New Zealand, stymied import demand for WMP has led to greater emphasis on SMP production and export, with Southeast Asia again being the principal destination. Belarus is projected to see expansion in sales, mainly to the Russian Federation, where it is partly filling the void left by other suppliers subject to the Russian ban. Conversely, exports by the United States are forecast to fall, as currency appreciation has reduced its international competitiveness and emphasis is placed on cheese production. Following a surge in 213, shipments by India almost halved in 214, with an even larger magnitude of decline foreseen for, as the domestic market offers more attractive returns f'cast SMP Imports * China Mexico Malaysia Algeria Indonesia Vietnam
7 7 SMP Exports * 6 5 EU United States New Zealand Australia f'cast IMPORTS: SMP World China Mexico Malaysia Algeria Indonesia Vietnam EXPORTS: SMP World EU United States New Zealand Australia Belarus
8 Butter Import demand to fall Trade in butter is forecast to drop by 5.6 percent to 921 tonnes in, its first decline since 211. Along with other dairy products, international quotations for butter fell from a peak reached in early 214, dropping 41 percent from USD in January 214 to USD per tonne in September. The magnitude of change was less than that for milk powders. The difference is a consequence of major exporters, with the exception of New Zealand, being able to utilize their domestic markets to absorb excess supplies of butter. The drop in trade is projected to stem mainly from the contraction of imports by the Russian Federation, China and the EU. The devaluation of the rouble and the origin-specific import ban are the main causes in the case of the Russian Federation, while in China, it is a reflection of decreased import demand. For the EU, a fall-off in inward processing (duty-free imports for re-export) caused by the suspension of sales to the Russian Federation curtailed importation. A number of countries are forecast to raise their level of purchases, including the United States, Mexico, Egypt and Saudi Arabia. In the United States, high domestic prices and abundant supplies on the world market mean that imports could rise by two-thirds in. New Zealand is projected to bear the brunt of the fall in world butter imports, due to a sharp drop in sales to China, its principal export market in recent years, and strong competition from the EU in markets in the Middle East and North Africa. For the United States, increased production of cheese and yogurt, and demand from the food industry have kept domestic butter prices high, which is likely to depress exports for the second year in a row. Sales for the year up to July were 7 percent lower than the same period in 214. Meanwhile, as the devaluation of the euro against several currencies has improved its competitiveness, EU exports are expected to grow beyond last year s substantial level. Elsewhere, Belarus and Uruguay may gain from access to the Russian Federation s market f'cast Butter Imports * Russian Fed. China Saudi Arabia Egypt Mexico United States
9 6 5 New Zealand Butter Exports * EU Belarus Australia United States IMPORTS: BUTTER World Russian Fed China Saudi Arabia Egypt Mexico United States EXPORTS: BUTTER World New Zealand EU Belarus Australia United States
10 Cheese Trade unchanged Trade in cheese is forecast to remain stable in around 2.4 million tonnes. International quotations for cheese have experienced a sharp 43 percent decline from the peak of USD per tonne reached in February 214, to USD 3 per tonne in September. As with butter, the price dip was less marked than that of milk powders. Greater stability comes from having a diversified international market but also large domestic outlets in many exporting countries, which can absorb excess supplies in times when international prices are low. Rising imports by the Republic of Korea, Japan, the United States, Saudi Arabia, Mexico and China are anticipated to counterbalance a second substantial, annual decline in purchases by the Russian Federation. Amongst the major exporters, a fall in shipments by the EU and the United States is predicted to be compensated by growth in sales by New Zealand, Belarus and Australia. New Zealand and Australia are projected to sell more to Asia and North America, in particular, while a bound in sales by Belarus to the Russian Federation is foreseen. As the cheese exporter principally affected by the Russian Federation s ban on trade with certain countries, the EU is forecast to see its exports fall by 6 percent, despite substantially increased deliveries to Asia, in particular Japan and the Republic of Korea, and to the United States. As exports constitute less than 1 percent of total EU cheese production, the ban, while affecting particular member countries more than others, has not had a substantial impact on the Union s all output. Finally, buoyant domestic demand and currency appreciation are expected to result in exports by the United States falling sharply, especially to markets in Asia f'cast Cheese Imports * Japan United States Russian Fed. Saudi Arabia Korea Republic Of China Mexico
11 Cheese Exports * EU New Zealand United States Belarus Australia f'cast IMPORTS: CHEESE World Japan United States Russian Fed Saudi Arabia Korea Republic Of China Mexico EXPORTS: CHEESE World EU New Zealand United States Belarus Australia Saudi Arabia For comments or queries please use the following contact: Michael.Griffin@fao.org Use of material is subject to credit being given to source: Milk and Milk Products: price and trade update Trade and Markets Division Food and Agriculture Organization of the United Nations
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