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2026-11-06 17:18:29
[FAO Dairy Price Index Continues Slight Decline in October, Butter and Cheese Weaken] ⑴ The FAO Dairy Price Index averaged 117.8 points in October, down 1.3 points from September, a decrease of 1.1%, continuing the slight decline from the previous month. ⑵ Compared with the same period last year, the overall dairy price index fell by 16.9%, with butter and cheese prices falling by 31.1% and 29.3% respectively. Skim milk powder prices were 45.8% higher year-on-year, while whole milk powder prices remained basically unchanged. ⑶ The decline in the index in October was mainly driven by lower international butter and cheese prices, offsetting and exceeding the impact of further increases in milk powder prices. ⑷ The weakening of the butter and cheese market was due to ample supply and weak purchasing intentions, especially in the EU. Although there were signs of slowing growth in dairy production, high butter stocks and ample cheese supply continued to put downward pressure on prices, while competitive US exports exerted additional downward pressure on prices. (5) In contrast, supported by continued import demand and limited immediate supply, skim milk powder prices in major export regions rose significantly. In the United States, despite an overall ample supply of dairy products, strong demand for skim milk powder, coupled with competition from high-value milk protein products for milk solids, tightened the milk powder supply. (6) Whole milk powder prices rose slightly, with stronger prices in Oceania offsetting and outweighing the impact of a slight decline in European prices.
