27 September 2021
The Australian dairy export index increased this week, the result of mixed trends in commodity prices and a weaker Australian dollar.
In spot quotes from Australasian exporters, cheddar prices rose US$50/t from the prior week to US$4,350/t. WMP was also higher, up US$50/t to US$3,750/t. Butter was weaker however, down US$60/t from the previous week to US$4,890/t. SMP was flat at US$3,300/t.
The Australian dollar was weaker, ending the week at US72.6c, reflecting its huge exposure to China’s woes and Evergrande’s inability to pay its dollar-denominated bond interest payment.
The combined impact of these changes lifted the index by 2.4 points to 237.1, a 22-week high.
The weekly spot commodity milk value (CMV) for southern Australian dairy manufacturers rose 8 cents to $6.92/kgMS.
Take Note: – The index is an indicator of spot trends in gross export returns to the Australian dairy industry based on quoted Australasian dairy commodity export spot prices, movements in currency and the mix of total milk usage in product exports by the Australian industry.
This index was set at 100 on 1 January 2000.