What we’re seeing this week

This week, Steve and Jo discuss the latest Pulse results which saw prices lift for both SMP & WMP, asking the question: are prices off the floor?

The duo also discuss the latest trade updates including Australian and US exports  – with US exports rising 14.6% YOY in February in milk solids equivalent terms. This was the was the first expansion after 12 consecutive monthly declines, and was despite the continuing large declines in butter exports.

 

Chart of the week

Cheese production fell 0.6% YOY in February in leap year-adjusted terms, according to the USDA. This compares to an estimated 0.8% decline in the availability of “manufacturing milk.” American cheese output declined 4.7% YOY for the month, with a 7.2% decline for cheddar. “Other cheese” (including mozzarella) output fell 0.3%.

Combined NFDM & SMP output fell 19.3% YOY in February, with NFDM down by 22% while SMP fell 5.9%. In contrast, butter production rose 1.9% YOY in February. Dry whey production also increased, up 4.2% YOY for the month with a 0.6% YOY increase in WPC, reflecting another solid 6.5% increase for WPC 50-89.9% products. WPC 25-49.9% production fell for the sixth consecutive month in February, down 12.3% YOY.

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