milk market situation

Milk Market Situation

Brussels, 19 July 2012

19 July 2012 2

!!! Data from some Member States are confidential and are NOT included in this table !!!

EU Productions

Source: MS’ communications to Eurostat

EU-27 Deliveries/Productions development(Jan - May 2012 compared to Jan - May 2011)

Total Butter+ 4.4%

Cows' Milk Collected+ 2.8%

Skimmed-milk powder+ 6.2%

Milk powder cream, Whole milk powder and partly skimmed

milk powder- 3.9%

Cheese+ 1.5%

Fermented milk- 0.9%

-9% -7% -5% -3% -1% 1% 3% 5% 7% 9% 11% 13% 15%

Ev

olu

tio

n e

n %

.

Source : MS' Communications to Eurostat

EU-27 Deliveries/Production developments(Apr-May 12 compared to Apr-May 11)

Total Butter+ 3.9%

Skimmed-milk powder+ 5.6%

Milk powder cream, Whole milk powder and partly skimmed

milk powder+ 2.2%

Cheese+ 0.4%

Fermented milk- 1.4%

Cows' Milk Collected+ 1.7%

-8% -6% -4% -2% 0% 2% 4% 6% 8% 10% 12% 14% 16%

Ev

olu

tio

n e

n %


19 July 2012 3

-12.0% to -9.0% -9.0% to -6.0% -6.0% to -3.0% -3.0% to +0.0% +0.0% to +3.0% +3.0% to +6.0% +6.0% to +9.0% +9.0% to +12.0%

+0.2

-0.3

+7.3

+4.5

+3.8

+7.2

+1.5

+1.7+2.8

+2.2

-3.9

+4.1

+10.9

+8.1

+1.5

+9.8

0

+1.4

+5.3

+9.7

+3.9

+6.4+3.6

+8.0

-0.2

+1.1

+1.7


19 July 2012 4

-8.0% to -6.0% -6.0% to -4.0% -4.0% to -2.0% -2.0% to +0.0% +0.0% to +2.0% +2.0% to +4.0% +4.0% to +6.0% +6.0% to +8.0%

-1.6

+0.9

+7.1

+2.5

+2.8

+8.4

+0.2

+3.3+2.7

+1.7

-5.9

+3.1

+10.5

+8.3

-0.8

+12.0

0

-0.8

+3.9

+9.0

+2.9

+3.4+3.3

+6.8

-1.0

+0.1

+0.5


19 July 2012 5Source: MS’ communications to Eurostat

Monthly Deliveries EU 27

8 500

9 000

9 500

10 000

10 500

11 000

11 500

12 000

12 500

13 000

DecNovOctSepAugJ ulJ unMayAprMarFebJ an

100

0 t

onne

s

2009 2010 2011 2012 average 2004-2008


19 July 2012 6

EU 15/12 Milk Deliveries and Prices

1 4

92

1 3

80

1 5

41

1 5

43

1 7

13

1 6

85

1 6

79

1 6

56

1 5

36

1 4

64

1 3

43

1 4

02

1 4

04

1 2

92

1 4

77

1 5

10

1 6

51

1 6

34

1 6

32

1 6

20

1 5

34

1 4

77

1 4

05

1 4

38

1 3

15

1 4

92

1 4

89

1 6

44

1 6

26

1 6

74

1 6

64

1 5

81

1 5

56

1 4

52

1 5

23

1 5

57

1 4

48

1 6

13

1 6

09

1 7

65

9 6

62

9 0

35 10

21

0

10

35

5

10

69

6

10

05

7

9 8

42

9 4

66

8 8

69

9 1

25

8 8

16

9 3

14

9 5

28

8 9

43 10

20

7

10

31

9

10

92

0

10

28

8

10

04

9

9 7

86

9 3

63

9 5

59

9 1

46

9 4

58

9 8

35

9 1

96 10

52

5

10

67

0

11

02

1

10

33

6

10

34

1

9 9

53

9 4

59

9 5

46

9 2

00

9 7

10

10

07

1

9 5

68 10

74

4

10

73

9

10

85

1

1 3

55

23

.36

21

.55

21

.06

21

.12

20

.93

20

.52

20

.99

21

.67

22

.10

22

.89 24

.84

25

.56

26

.05

26

.39

26

.68

26

.60

26

.00

25

.87

25

.99

26

.84

28

.25 3

0.4

4

30

.77

30

.96

31

.11

30

.93

30

.45

30

.48

30

.04

29

.60

30

.14

30

.44

30

.37

30

.33

31

.16

30

.85

29

.39

27

.82

30

.33

29

.52

27

.33

25

.06

24

.95

25

.18

25

.51

26

.32

26

.98

27

.57

29

.03

28

.81

29

.40

28

.98

28

.32

28

.41

29

.15

30

.25

31

.33

32

.53

33

.38

33

.50

33

.81

33

.74

33

.63

33

.72

33

.67

33

.32

33

.66

34

.35

34

.84

35

.09

35

.63

35

.71

35

.90

35

.42

35

.03

34

.88

33

.93

32

.61

31

.86

30

.12

28

.82

30

.09

0

5

10

15

20

25

30

35

Ja

n 0

9

Ma

r 0

9

Ma

y 0

9

Ju

l 09

Se

p 0

9

No

v 0

9

Ja

n 1

0

Ma

r 1

0

Ma

y 1

0

Ju

l 10

Se

p 1

0

No

v 1

0

Ja

n 1

1

Ma

r 1

1

Ma

y 1

1

Ju

l 11

Se

p 1

1

No

v 1

1

Ja

n 1

2

Ma

r 1

2

Ma

y 1

2

Pro

du

ctio

ns

in 1

000

To

ns

-

2 000

4 000

6 000

8 000

10 000

12 000

14 000

16 000

18 000

20 000

22 000

24 000

26 000

28 000

Pri

ces

in E

UR

/100

kg Raw Milk Deliveries (EU-12)

Raw Milk Deliveries (EU-15)

Weighted average Milk price (EU-12)

Weighted average Milk price (EU-15)

Source : Eurostat, Reg. (EC) No 429/2010 Art. 3

19 July 2012 7Sources : MS’ communications under reg. 562/2005 & 479/2010, LTO website

Milk Prices Evolution (up to May 2012)

20

22

24

26

28

30

32

34

36

38

40

42

44

46

48

50

Jun

01

Oct

01

Fe

b 0

2

Jun

02

Oct

02

Fe

b 0

3

Jun

03

Oct

03

Fe

b 0

4

Jun

04

Oct

04

Fe

b 0

5

Jun

05

Oct

05

Fe

b 0

6

Jun

06

Oct

06

Fe

b 0

7

Jun

07

Oct

07

Fe

b 0

8

Jun

08

Oct

08

Fe

b 0

9

Jun

09

Oct

09

Fe

b 1

0

Jun

10

Oct

10

Fe

b 1

1

Jun

11

Oct

11

Fe

b 1

2

Jun

12

EUR/100 kg

LTO Weighted Average Milk Price * (standardized 4.2% fat)

Weighted EU Average (real fat content)

EU Milk Equivalent Price (based on EU SMP and Butter prices)

19 July 2012 8Source: MS’ communications under Reg. 479//2010

NB: The above national price averages are of mixed nature, some relate to standardised milk, others to milk with real fat and protein content, pending harmonisation under reg. 479/2010

Estimates for IT and CY

EU Milk Prices(May 2012 compared to May 2011)

52.1

44.7 44.442.7

36.8

34.3 33.7 33.632.8 32.6

31.3 30.9 30.8 30.0 29.8 29.6 29.6 29.5 29.3 29.0 28.8 28.8 28.527.5 27.4 27.4

25.5

23.2

14

18

22

26

30

34

38

42

46

50

54

CY EL MT FI IT SE AT DK NL UK EU27

DE PT ES SI EE LU FR BG CZ IE SK HU PL BE LV RO LT

in E

UR

/10

0 k

g

Milk Price 2011 Milk Price 2012

19 July 2012 9

Monthly EU SMP Prices

150

175

200

225

250

275

300

325

350

375

400

425

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

EU

R/10

0 k

g

2009 2010 2011 2012 I P 2009

Source: MS’ communications under Regs. 562/2005 and 479/2010

19 July 2012 10Source: MS’ communications under reg. 479/2010

EU SMP Prices(up to 15/07/2012)

230222 221

215 215 215 215208

202192

0

50

100

150

200

250

SK UK DE BE EU 27 FR CZ IE PL LV

in E

UR

/10

0 k

g

19 July 2012 11

Monthly EU BUTTER Prices

150

175

200

225

250

275

300

325

350

375

400

425

Jan

Feb

Mar

Apr

May

Jun Jul

Aug

Sep

Oct

Nov

Dec

EU

R/1

00

kg

2009 2010 2011

2012 I P 2009 Avg 2006-2008


19 July 2012 12

I.P. = 221.75

Source: MS’ communications under reg. 479/2010

EU Butter Prices (up to 15.07.2012)

289

272 270 269 268262

245

339

237237241

260

150

175

200

225

250

275

300

325

350

375

400

SK CZ DE NL EU 27 BE GB PL ES PT LV IE

EU

R/1

00 k

g

Butter Price of Reg. 479/2010

Butter Intervention price

19 July 2012 13

Source: MS’ communications under reg. 562/2005 and 479/2010

EU Quotations of Butter and SMP(EU average based on MS communication and weighted by production)

269

215

140

160

180

200

220

240

260

280

300

320

340

360

380

400

420

440

Jan03

Apr03

Jul03

Oct03

Jan04

Apr04

Jul04

Oct04

Jan05

Apr05

Jul05

Oct05

Jan06

Apr06

Jul06

Oct06

Jan07

Apr07

Jul07

Oct07

Jan08

Apr08

Jul08

Oct08

Jan09

Apr09

Jul09

Oct09

Jan10

Apr10

Jul10

Oct10

Jan11

Apr11

Jul11

Oct11

Jan12

Apr12

in E

UR/10

0 k

g .

BUTTER SMP

Source: MS’ communications under reg. 562/2005 and 479/2010

19 July 2012 14

Monthly EU WMP Prices

150170190210230250270290310330350370390410

Jan Feb

Mar

Apr

May

Jun Jul

Aug

Sep

Oct

Nov

Dec

2009 2010 2011 2012 Avg 2006-2008


19 July 2012 15

Monthly EU CHEDDAR Prices

180

200

220

240

260

280

300

320

340

360

380

400

420

Jan Feb

Mar

Apr

May

Jun Jul

Aug

Sep

Oct

Nov

Dec

2009 2010 2011 2012 Avg 2006-2008


Monthly EU EDAM Prices

200220240260280300320340360380400420

Jan Feb

Mar

Apr

May

Jun Jul

Aug

Sep

Oct

Nov

Dec

2009 2010 2011 2012 Avg 2006-2008

19 July 2012 16


Monthly EU WheyPowder Prices

20

40

60

80

100

120

Jan Feb

Mar

Apr

May

Jun Jul

Aug

Sep

Oct

Nov

Dec

2011 2009 2010 2012 Avg 2006-2008

19 July 2012 17

EU Income of manufacturing of Cheese/Wheypowder, SMP/Butter and WMP/Butter in EUR

150

200

250

300

350

400

450

500

550

Ma

r 0

7

Ma

y 0

7

Jul 0

7

Se

p 0

7

No

v 0

7

Jan

08

Ma

r 0

8

Ma

y 0

8

Jul 0

8

Se

p 0

8

No

v 0

8

Jan

09

Ma

r 0

9

Ma

y 0

9

Jul 0

9

Se

p 0

9

No

v 0

9

Jan

10

Ma

r 1

0

Ma

y 1

0

Jul 1

0

Se

p 1

0

No

v 1

0

Jan

11

Ma

r 1

1

Ma

y 1

1

Jul 1

1

Se

p 1

1

No

v 1

1

Jan

12

Ma

r 1

2

Ma

y 1

2

Jul 1

2

EU

R f

or

10

00

kg

of

Milk

Cheese/Butter/Whey

SMP/Butter

WMP/Butter

Source: Reg. 562/2005 and 479/2010

19 July 2012 18

WORLD Income of manufacturing of Cheese/Wheypowder, SMP/Butter and WMP/Butter (in USD).

150

200

250

300

350

400

450

500

550

600

650

Ma

r 0

7

Ma

y 0

7

Jul 0

7

Se

p 0

7

No

v 0

7

Jan

08

Ma

r 0

8

Ma

y 0

8

Jul 0

8

Se

p 0

8

No

v 0

8

Jan

09

Ma

r 0

9

Ma

y 0

9

Jul 0

9

Se

p 0

9

No

v 0

9

Jan

10

Ma

r 1

0

Ma

y 1

0

Jul 1

0

Se

p 1

0

No

v 1

0

Jan

11

Ma

r 1

1

Ma

y 1

1

Jul 1

1

Se

p 1

1

No

v 1

1

Jan

12

Ma

r 1

2

Ma

y 1

2

Jul 1

2

US

D f

or

10

00

kg

of

Milk

Cheese/Butter/Whey

SMP/Butter

WMP/Butter

Source: USDA

19 July 2012 19

USD/EUR

Source: European Central Bank

1.2234

19 July 2012 20

EU/US/Oceania Quotations of Butter

2 850

3 3803 400

1 000

1 500

2 000

2 500

3 000

3 500

4 000

4 500

5 000

5 500

6 000

Ap

r 0

5

Jul 0

5

Oct

05

Jan

06

Ap

r 0

6

Jul 0

6

Oct

06

Jan

07

Ap

r 0

7

Jul 0

7

Oct

07

Jan

08

Ap

r 0

8

Jul 0

8

Oct

08

Jan

09

Ap

r 0

9

Jul 0

9

Oct

09

Jan

10

Ap

r 1

0

Jul 1

0

Oct

10

Jan

11

Ap

r 1

1

Jul 1

1

Oct

11

Jan

12

Ap

r 1

2

Pri

ces

in

US

D/t

on

ne

Avg Oceania Butter quotation

Avg EU Butter internal Price

Avg US Butter quotation

Source: MS’ communications under regs. 562/2005 and 479/2010 & USDA market news

19 July 2012 21

EU/US/Oceania Quotations of SMP

2 875

2 6602 630

1 000

1 500

2 000

2 500

3 000

3 500

4 000

4 500

5 000

5 500

Ap

r 0

5

Jul 0

5

Oct

05

Jan

06

Ap

r 0

6

Jul 0

6

Oct

06

Jan

07

Ap

r 0

7

Jul 0

7

Oct

07

Jan

08

Ap

r 0

8

Jul 0

8

Oct

08

Jan

09

Ap

r 0

9

Jul 0

9

Oct

09

Jan

10

Ap

r 1

0

Jul 1

0

Oct

10

Jan

11

Ap

r 1

1

Jul 1

1

Oct

11

Jan

12

Ap

r 1

2

Pri

ces

in

US

D/t

on

ne

Avg Oceania SMP quotation

Avg EU SMP internal Price

Avg US SMP quotation


19 July 2012 22

EU/US/Oceania Quotations of WMP

2 950

3 1903 160

1 000

1 500

2 000

2 500

3 000

3 500

4 000

4 500

5 000

5 500

6 000A

pr 0

5

Jul 0

5

Oct

05

Jan

06

Apr

06

Jul 0

6

Oct

06

Jan

07

Apr

07

Jul 0

7

Oct

07

Jan

08

Apr

08

Jul 0

8

Oct

08

Jan

09

Apr

09

Jul 0

9

Oct

09

Jan

10

Apr

10

Jul 1

0

Oct

10

Jan

11

Apr

11

Jul 1

1

Oct

11

Jan

12

Apr

12

Pri

ces

in U

SD

/to

nn

e

Avg Oceania WMP quotation

Avg EU WMP internal Price

Avg US WMP quotation


19 July 2012 23

EU/US/Oceania Quotations of Cheddar

3 600

4 030

3 650

1 000

1 500

2 000

2 500

3 000

3 500

4 000

4 500

5 000

5 500

6 000A

pr 0

5

Jul 0

5

Oct

05

Jan

06

Apr

06

Jul 0

6

Oct

06

Jan

07

Apr

07

Jul 0

7

Oct

07

Jan

08

Apr

08

Jul 0

8

Oct

08

Jan

09

Apr

09

Jul 0

9

Oct

09

Jan

10

Apr

10

Jul 1

0

Oct

10

Jan

11

Apr

11

Jul 1

1

Oct

11

Jan

12

Apr

12

Pri

ces

in U

SD

/to

nn

e

Avg OceaniaCheddar quotation

Avg EU Cheddar internal Price

Avg US Cheddar quotation


19 July 2012 24

BUTTER Exports

8 511 12 803

40 80344 490

110 530 114 064

28 914 24 251

0

20 000

40 000

60 000

80 000

100 000

120 000

140 000

160 000

2011 2012

EU-27 (Jan - May)New Zealand (Jan-May )Australia (Jan-May )United States (Jan-May )

Source: Eurostat Comext, Global Trade Information Service

19 July 2012 25

BUTTEROIL Exports

10 072

78 539

3 8125 167

14 697

61 023

7 1741 271

0

10 000

20 000

30 000

40 000

50 000

60 000

70 000

80 000

90 000

100 000

2011 2012



19 July 2012 26

SMP Exports

67 546 64 378

202 973205 030

250 054

152 376159 644180 265

0

50 000

100 000

150 000

200 000

250 000

300 000

2011 2012



19 July 2012 27

WMP Exports

173 327

518 839

9 263 9 228

186 554

534 086

47 00649 383

0

100 000

200 000

300 000

400 000

500 000

600 000

2011 2012



19 July 2012 28

CHEESESExports

275 220298 425

99 924117 82599 870

82 916.

49 08053 408

0

50 000

100 000

150 000

200 000

250 000

300 000

350 000

400 000

2011 2012



19 July 2012 29

EU Exports (1/2)

215194

164118 119 126

95

0

50

100

150

200

250

1000 Tonnes

2005 2006 2007 2008 2009 2010 2011

BUTTER exports BUTTER exports

0

2

4

6

8

10

12

14

jan feb mar apr may jun jul aug sep oct nov dec

1000 tonnes

2011

2012

WMP exports

0

5

10

15

20

25

30

35

40

45

50


1000 tonnes

19489

203 179231

379

518

0

100

200

300

400

500

600

1000 Tonnes

2005 2006 2007 2008 2009 2010 2011

SMP exports SMP exports

0

10

20

30

40

50

60


1000 tonnes

2011

2012

19 July 2012 30

EU Exports (2/2)

546 584 596 555 578676 682

0

100

200

300

400

500

600

700

1000 Tonnes

2005 2006 2007 2008 2009 2010 2011

CHEESE exports

493438

367

485 460 447390

0

100

200

300

400

500

1000 Tonnes

2005 2006 2007 2008 2009 2010 2011

WMP exports

CHEESE exports

0

10

20

30

40

50

60

70

80


1000 tonnes

2011

2012

WMP exports

0

5

10

15

20

25

30

35

40

45

50


1000 tonnes

2011

2012

19 July 2012 31

BUTTER Imports

35 651

16 921

2 477 2 531

12 540

38 588

1 7562 380

12 0499 223

0

5 000

10 000

15 000

20 000

25 000

30 000

35 000

40 000

45 000

50 000

2011 2012

EU-27 (Jan - May)United States (Jan-May )Russia (Jan-May )China (Jan-May )Algeria (Jan-Apr )

19 July 2012 32

BUTTEROIL Imports

2 251

3 434

10 094

7 669

4 058

2 785

1 657900

381

9 822

12 394

2 481

0

2 000

4 000

6 000

8 000

10 000

12 000

14 000

2011 2012

EU-27 (Jan - May)United States (Jan-May )Mexico (Jan-Apr )China (Jan-May )Russia (Jan-May )Algeria (Jan-Apr )

19 July 2012 33

SMP Imports

93 141

35 293

53 691

80 033

11 699 14 734256 379

8 61017 978

56 46659 237

0

20 000

40 000

60 000

80 000

100 000

120 000

140 000

2011 2012

EU-27 (Jan - May)Russia (Jan-May )China (Jan-May )Algeria (Jan-Apr )Mexico (Jan-Apr )Japan (Jan-May )

19 July 2012 34

WMP Imports

991

56 829

212 076

184 263

9 470 4 263238

85 875

2 504 3 323

0

50 000

100 000

150 000

200 000

250 000

300 000

2011 2012

EU-27 (Jan - May)Algeria (Jan-Apr )United States (Jan-May )China (Jan-May )Mexico (Jan-Apr )

19 July 2012 35

CHEESESImports

25 71333 938

119 172 114 070

86 06092 609

56 482 53 729

31 138 29 486

11 638 15 330

0

20 000

40 000

60 000

80 000

100 000

120 000

140 000

2011 2012

EU-27 (Jan - May)Russia (Jan-May )Japan (Jan-May )United States (Jan-May )Mexico (Jan-Apr )China (Jan-May )

19 July 2012 36

Main Dairy Importers (Butter)

Up to Nov 2010

67

101

67 7550

67 66

0

25

50

75

100

125

1000 Tonnes

2005 2006 2007 2008 2009 2010 2011

Russia

Jan-May 2012 compared to 2011 : - 52.5%

0

2

4

6

8

10

12

14

J an Feb Mar Apr May J un J ul Aug Sep Oct Nov Dec

1000 tonnes

2011

2012

32 34 31

87

0

25

50

75

100

125

1000 Tonnes

2005 2006 2007 2008 2009 2010 2011

Egypt

Jan-Apr 2012 compared to 2011 : + 87.2%

0

10

20

30

40

50

60

70


1000 tonnes

20112011

2012

19 July 2012 37

Main Dairy Importers (S.M.P.)

Up to Nov 2010

155

111 121152 165 155

194

0

25

50

75

100

125

150

175

1000 Tonnes

2005 2006 2007 2008 2009 2010 2011

Mexico

Jan-Mar 2012 compared to 2011 : + 42%

0

5

10

15

20

25

J an Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

1000 tonnes

2011

2012

8468

91 105 93 98129

0

25

50

75

100

125

150

175

1000 Tonnes

2005 2006 2007 2008 2009 2010 2011

Algeria

Jan-Apr 2012 compared to 2011 : - 40%

0

5

10

15

20

25


1000 tonnes

2011

2012

19 July 2012 38

Main Dairy Importers (W.M.P.)

64 73 58 46

177

326 320

0

50

100

150

200

250

300

350

1000 Tonnes

2005 2006 2007 2008 2009 2010 2011

ChinaJan-Apr 2012 compared to 2011 : - 14%

0

10

20

30

40

50

60


1000 tonnes

2011

2010

2012

167 182 160 153200

167204

0

50

100

150

200

250

300

350

1000 Tonnes

2005 2006 2007 2008 2009 2010 2011

Algeria

Jan-Mar 2012 compared to 2011 : - 24%

0

10

20

30

40

50

60


1000 tonnes

20112012

19 July 2012 39

Main Dairy Importers (Cheese – 1/2)

260218 234 248 229

294 296

0

50

100

150

200

250

1000 Tonnes

2005 2006 2007 2008 2009 2010 2011

Russia


0

5

10

15

20

25

30

35


1000 tonnes

20112012

212 207 225187 184 199 215

0

50

100

150

200

250

1000 Tonnes

2005 2006 2007 2008 2009 2010 2011

Japan

Jan-Apr 2012 compared to 2011 : + 8%

0

5

10

15

20

25

30

35


1000 tonnes

20112012

19 July 2012 40

Main Dairy Importers (Cheese – 2/2)

79 79 86 68 73 80 78

0

50

100

150

200

250

1000 Tonnes

2005 2006 2007 2008 2009 2010 2011

Mexico

211 205 200171 162 138 143

0

50

100

150

200

250

1000 Tonnes

2005 2006 2007 2008 2009 2010 2011

United States

Jan-Mar 2012 compared to 2011 : - 16%

0

5

10

15

20


1000 tonnes

20112012


0

5

10

15

20


1000 tonnes

2011

2012

19 July 2012 41

Adjusted U.S. milk production (months of constant length)

6 600

6 800

7 000

7 200

7 400

7 600

7 800

8 000

8 200

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

in t

on

nes

.

2008 2009 2010 2011 2012

Source:USDA

Jan-May 2012 compared to 2011 : + 4.2% (real monthly production)

Source: USDA

19 July 2012 42

Source: Dairy Australia

Australian milk production

500

600

700

800

900

1 000

1 100

1 200

Ju

l

Au

g

Sep

Oct

No

v

Dec

Jan

Feb

Mar

Ap

r

May

Ju

n

Jul-May 2011/12 compared to 2010/11 : + 4.3%

in t

on

nes

.

2008/09 2009/10 2010/11 2011/12

19 July 2012 43

Source: DCANZ - Fonterra

NZ milk production

0

500

1 000

1 500

2 000

2 500

3 000

3 500

Ju

n

Ju

l

Au

g

Sep

Oct

No

v

Dec

Jan

Feb

Mar

Ap

r

May

Jun-Mar 2011/12 compared to 2010/11 : + 9.7%

in t

on

nes

.

2007/08 2008/09 2009/10 2010/11 2011/12

19 July 2012 44

Source: DCANZ - Fonterra

Monthly indicator of Argentina Milk Production

300.0

350.0

400.0

450.0

500.0

550.0

600.0

650.0

700.0

750.0

800.0

Jan

Feb

Mar

Apr

May Ju

n

Jul

Aug

Sep Oct

Nov

Dec

in t

ho

usa

nd

to

nn

es

.

2008 2009 2010 2011 2012

Source:Alimentos argentinosBased on an enquiry covering 65 % of total production

19 July 2012 45

Prices

in US$/t Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13

Weighted average

price % change Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13

AMF n.a. 2 882 2 822 2 785 2 831 2 980 n.a. n.a. 2 845 + 3.7% + 7.8% + 5.1% + 3.0% - 1.7% + 1.1%

BMP n.a. 2 660 2 685 2 645 n.a. n.a. n.a. n.a. 2 662 + 7.2% + 12.2% + 3.3% + 3.7%

Cheeses n.a. 2 885 3 051 3 002 n.a. n.a. n.a. n.a. 2 986 - 2.4% - 4.9% + 1.8% - 4.6%

MPC70 n.a. 4 185 4 160 4 120 n.a. n.a. n.a. n.a. 4 157 + 2.3% + 2.1% + 3.1% + 2.0%

Rennet Casein n.a. 6 316 6 385 6 307 n.a. n.a. n.a. n.a. 6 333 - 1.7% + 1.1% - 4.5% - 2.9%

Lactose n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.

SMP 2 824 2 803 2 687 2 697 2 586 n.a. n.a. n.a. 2 727 + 4.9% + 5.8% + 8.2% + 3.3% + 4.0% - 0.1%

WMP n.a. 2 538 2 547 2 634 2 715 2 762 n.a. n.a. 2 584 - 6.4% - 6.7% - 6.6% - 5.5% - 4.1% - 6.1%

17.07.2012 1 € = 1.2281 $ (ECB rate)

in €/t Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13

Weighted average

price

AMF 2 346 2 298 2 267 2 305 2 427 ###### ###### 2 317BMP 1 930 2 117 2 076 2 022Cheese 2 349 2 484 2 444 ###### ###### ###### ###### 2 432MPC70 3 408 3 387 3 355 ###### ###### ###### ###### 3 385Rennet Casein 5 143 5 199 5 136 ###### ###### ###### ###### 5 157Lactose 5 247SMP 2 299 2 282 2 188 2 196 2 105 ###### ###### ###### 2 221WMP 2 067 2 074 2 145 2 211 2 249 ###### ###### 2 104

Source : http://www.globaldairytrade.info/

% change by contract from previous auction

Results of the Fonterra Auction of 17.07.2012

milk market situation

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