1
Milk Market Situation
Brussels, 23 February 2012
23 February 2012 2
!!! Data from some Member States are confidential and are NOT included in this table !!!
EU ProductionsEU-27 Deliveries/Productions development(Jan-Dec 2011 compared to Jan-Dec 2010)
Total Butter+ 2.2%
Cows' Milk Collected+ 2.1%
Skimmed-milk powder+ 12.6%
Milk powder cream, Whole milk powder and partly skimmed
milk powder- 3.8%
Cheese+ 0.3%
Fermented milk+ 0.2%
-8% -6% -4% -2% 0% 2% 4% 6% 8% 10% 12% 14% 16%
Ev
olu
tio
n e
n %
.
CY only up to November
Source: MS’ communications to Eurostat
EU-27 Deliveries/Production developments(Apr-Dec 2011 compared to Apr-Dec 2010)
Total Butter+ 2.4%
Skimmed-milk powder+ 11.5%
Milk powder cream, Whole milk powder and partly skimmed
milk powder- 7.1%
Cheese+ 0.0%
Fermented milk- 0.1%
Cows' Milk Collected+ 1.8%
-13% -11% -9% -7% -5% -3% -1% 1% 3% 5% 7% 9% 11% 13% 15%
Ev
olu
tio
n e
n %
CY only up to November
23 February 2012 3
-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%
+1.3
-7.5
+2.1
-0.6
+2.4
+0.4
+3.9
-7.2+2.0
+5.5
-1.4
+0.8
+5.8
+3.1
-0.3
-2.1
0
0
+4.4
+3.4
+0.7
-1.0+1.2
+1.4
-1.5
-0.3
+1.6
Source: MS’ communications to Eurostat
23 February 2012 4
-10.0% to -7.5% -7.5% to -5.0% -5.0% to -2.5% -2.5% to +0.0% +0.0% to +2.5% +2.5% to +5.0% +5.0% to +7.5% +7.5% to +10.0%
+0.7
-7.8
+2.7
-0.3
+2.2
-1.6
+1.8
-8.0+1.8
+5.1
-1.3
+1.0
+5.3
+2.1
-0.1
-0.7
0
0
+4.6
+3.6
+0.8
+1.6+1.1
+2.6
-2.0
-0.4
+0.7
Source: MS’ communications to Eurostat
23 February 2012 5Source: MS’ communications to Eurostat
Monthly Deliveries EU 27
10 000
10 500
11 000
11 500
12 000
12 500
13 000
DecNovOctSepAugJ ulJ unMayAprMarFebJ an
100
0 t
onnes
2008 2009 2010 2011
23 February 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
14
1 4
91
1 4
88
1 6
43
1 6
24
1 6
73
1 6
63
1 5
79
1 5
55
1 4
51
1 5
06
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
33
9 1
94 10
52
6
10
67
8
11
02
6
10
36
7
10
34
1
9 9
53
9 4
58
9 5
45
9 2
01
9 7
11
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
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
.64
33
.73
33
.68
33
.32
33
.67
34
.35
34
.85
35
.10
35
.63
35
.71
35
.90
35
.42
30
.12
28
.82
30
.09
0
5
10
15
20
25
30
35
Ja
n 0
9
Fe
b 0
9
Ma
r 0
9
Ap
r 0
9
Ma
y 0
9
Ju
n 0
9
Ju
l 09
Au
g 0
9
Se
p 0
9
Oc
t 0
9
No
v 0
9
De
c 0
9
Ja
n 1
0
Fe
b 1
0
Ma
r 1
0
Ap
r 1
0
Ma
y 1
0
Ju
n 1
0
Ju
l 10
Au
g 1
0
Se
p 1
0
Oc
t 1
0
No
v 1
0
De
c 1
0
Ja
n 1
1
Fe
b 1
1
Ma
r 1
1
Ap
r 1
1
Ma
y 1
1
Ju
n 1
1
Ju
l 11
Au
g 1
1
Se
p 1
1
Oc
t 1
1
No
v 1
1
De
c 1
1
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
23 February 2012 7Sources : MS’ communications under reg. 562/2005 & 479/2010, LTO website
Milk Prices Evolution (up to December 2011)
20
22
24
26
28
30
32
34
36
38
40
42
44
46
48
50
Ap
r 0
1
Oct
01
Ap
r 0
2
Oct
02
Ap
r 0
3
Oct
03
Ap
r 0
4
Oct
04
Ap
r 0
5
Oct
05
Ap
r 0
6
Oct
06
Ap
r 0
7
Oct
07
Ap
r 0
8
Oct
08
Ap
r 0
9
Oct
09
Ap
r 1
0
Oct
10
Ap
r 1
1
Oct
11
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)
LTO : Land- en Tuinbouworganisatie Nederland (http://www.milkprices.nl/)
23 February 2012 8
EU Milk Prices(December 2011 compared to December 2010)
53.7
47.4 46.645.2
39.137.7 37.6 37.5
36.5 36.4 35.734.7 34.5 33.9 33.7 33.7 32.8 32.7 32.4 32.2 32.2 32.0 32.0
30.2 30.1 30.1 30.028.7
14
18
22
26
30
34
38
42
46
50
54
CY EL MT FI IT AT SE NL DK IE DE EU27
LU BG UK BE ES SI PT FR SK EE CZ LV LT HU RO PL
in E
UR
/10
0 k
g
Milk Price 2010 Milk Price 2011
Source: 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 BG and CZ
23 February 2012 9Source: 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
EU annual Milk Prices(2011 compared to 2010)
52.1
47.4
38.5 37.936.9
35.7 35.4 34.8 34.433.1 32.8 32.7 32.7 32.3 31.6 31.3 31.3 30.8 30.6 30.5
29.5 29.4 28.8 28.2
34.0
43.043.2
33.3
14
18
22
26
30
34
38
42
46
50
54
CY MT EL FI IT SE NL DK AT DE IE EU27
FR BE LU CZ BG EE SK ES PT HU UK SI PL LV LT RO
in E
UR
/100
kg
.
Average milk price 2010
Average milk price 2011
23 February 2012 10
EU 27 BUTTER+BUTTEROI L Production
120
130
140
150
160
170
180
190
DecNovOctSepAugJ ulJ unMayAprMarFebJ an
100
0 t
onnes
2008 2009 2010 2011
Sources : EUROSTAT Newcronos
Data for DK missing
23 February 2012 11
EU 27 SMP Production
40
50
60
70
80
90
100
110
120
DecNovOctSepAugJ ulJ unMayAprMarFebJ an
100
0 t
onnes
2008 2009 2010 2011
Sources : EUROSTAT Newcronos
Data for DK missing
23 February 2012 12
EU 25/EU 27 WMP Production
30
35
40
45
50
55
60
65
70
75
DecNovOctSepAugJ ulJ unMayAprMarFebJ an
100
0 t
onnes
2008 2009 2010 2011
Data for DK missing
23 February 2012 13
EU 27 CHEESES Production
600
620
640
660
680
700
720
740
DecNovOctSepAugJ ulJ unMayAprMarFebJ an
100
0 t
onnes
2008 2009 2010 2011
Sources : EUROSTAT Newcronos
Data for DK missing
23 February 2012 14
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
23 February 2012 15
EU SMP Prices(up to 19/02/2012)
249233 232 231 230 229 228 226 226
218
0
50
100
150
200
250
300
UK CZ BE SK LV EU 27 DE PL FR IE
in E
UR
/10
0 k
g
Source: MS’ communications under reg. 479/2010
23 February 2012 16
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
Source: MS’ communications under Regs. 562/2005 and 479/2010
23 February 2012 17
EU Butter Prices (up to 19.02.2012)
385
354 351337 335 335 328
395
317327327329
150
175
200
225
250
275
300
325
350
375
400
425
450
475
500
SK LV GB CZ PT EU 27 BE IE DE ES NL PL
EU
R/1
00 k
g
Butter Price of Reg. 479/2010
Butter Intervention price
I.P. = 221.75
Source: MS’ communications under reg. 479/2010
23 February 2012 18
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)
334.8
228.6
140
160
180
200
220
240
260
280
300
320
340
360
380
400
420
440
Jan 0
3
Apr
03
Jul 03
Oct
03
Jan 0
4
Apr
04
Jul 04
Oct
04
Jan 0
5
Apr
05
Jul 05
Oct
05
Jan 0
6
Apr
06
Jul 06
Oct
06
Jan 0
7
Apr
07
Jul 07
Oct
07
Jan 0
8
Apr
08
Jul 08
Oct
08
Jan 0
9
Apr
09
Jul 09
Oct
09
Jan 1
0
Apr
10
Jul 10
Oct
10
Jan 1
1
Apr
11
Jul 11
Oct
11
Jan 1
2
in E
UR/10
0 k
g .
BUTTER SMP
23 February 2012 19
Monthly EU WMP Prices
150170190210230250270290310330350370390410
Jan Feb
Mar
Apr
May
Jun Jul
Aug
Sep
Oct
Nov
Dec
2009 2010 2011 2012
Source: MS’ communications under Regs. 562/2005 and 479/2010
23 February 2012 20
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
Monthly EU EDAM Prices
200220240260280300320340360380400420
Jan Feb
Mar
Apr
May
Jun Jul
Aug
Sep
Oct
Nov
Dec
2011 2009 2010 2012
Source: MS’ communications under Regs. 562/2005 and 479/2010
23 February 2012 21
Monthly EU WheyPowder Prices
0
20
40
60
80
100
120
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
2011 2009 2010 2012
Source: MS’ communications under Regs. 562/2005 and 479/2010
23 February 2012 22
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
EU
R f
or
10
00
kg
of
Milk
Cheese/Butter/Whey
SMP/Butter
WMP/Butter
Source: Reg. 562/2005 and 479/2010
23 February 2012 23
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
US
D f
or
10
00
kg
of
Milk
Cheese/Butter/Whey
SMP/Butter
WMP/Butter
Source: USDA
23 February 2012 24
USD/EUR
1.3230
Source: European Central Bank
23 February 2012 25
EU/US/Oceania Quotations of Butter
3 900
4 410
3 090
1 000
1 500
2 000
2 500
3 000
3 500
4 000
4 500
5 000
5 500
6 000N
ov 0
4
Feb
05
May
05
Aug
05
Nov
05
Feb
06
May
06
Aug
06
Nov
06
Feb
07
May
07
Aug
07
Nov
07
Feb
08
May
08
Aug
08
Nov
08
Feb
09
May
09
Aug
09
Nov
09
Feb
10
May
10
Aug
10
Nov
10
Feb
11
May
11
Aug
11
Nov
11
Feb
12
Pri
ces
in U
SD
/to
nn
e
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
23 February 2012 26
EU/US/Oceania Quotations of SMP
3 350
3 010
2 860
1 000
1 500
2 000
2 500
3 000
3 500
4 000
4 500
5 000
5 500
Nov
04
Feb
05
May
05
Aug
05
Nov
05
Feb
06
May
06
Aug
06
Nov
06
Feb
07
May
07
Aug
07
Nov
07
Feb
08
May
08
Aug
08
Nov
08
Feb
09
May
09
Aug
09
Nov
09
Feb
10
May
10
Aug
10
Nov
10
Feb
11
May
11
Aug
11
Nov
11
Feb
12
Pri
ces
in U
SD
/to
nn
e
Avg Oceania SMP quotation
Avg EU SMP internal Price
Avg US SMP quotation
Source: MS’ communications under regs. 562/2005 and 479/2010 & USDA market news
23 February 2012 27
EU/US/Oceania Quotations of WMP
3 5503 730
3 730
1 000
1 500
2 000
2 500
3 000
3 500
4 000
4 500
5 000
5 500
6 000
Nov
04
Feb
05
May
05
Aug
05
Nov
05
Feb
06
May
06
Aug
06
Nov
06
Feb
07
May
07
Aug
07
Nov
07
Feb
08
May
08
Aug
08
Nov
08
Feb
09
May
09
Aug
09
Nov
09
Feb
10
May
10
Aug
10
Nov
10
Feb
11
May
11
Aug
11
Nov
11
Feb
12
Pri
ces
in U
SD
/to
nn
e
Avg Oceania WMP quotation
Avg EU WMP internal Price
Avg US WMP quotation
Source: MS’ communications under regs. 562/2005 and 479/2010 & USDA market news
23 February 2012 28
EU/US/Oceania Quotations of Cheddar
4 138
4 430
3 270
1 000
1 500
2 000
2 500
3 000
3 500
4 000
4 500
5 000
5 500
6 000
Nov
04
Feb
05
May
05
Aug
05
Nov
05
Feb
06
May
06
Aug
06
Nov
06
Feb
07
May
07
Aug
07
Nov
07
Feb
08
May
08
Aug
08
Nov
08
Feb
09
May
09
Aug
09
Nov
09
Feb
10
May
10
Aug
10
Nov
10
Feb
11
May
11
Aug
11
Nov
11
Feb
12
Pri
ces
in U
SD
/to
nn
e
Avg OceaniaCheddar quotation
Avg EU Cheddar internal Price
Avg US Cheddar quotation
Source: MS’ communications under regs. 562/2005 and 479/2010 & USDA market news
23 February 2012 29
BUTTER Exports
36 22623 592
126 236
94 735
255 188245 393
52 49645 489
0
50 000
100 000
150 000
200 000
250 000
300 000
2010 2011
EU-27 (Jan - Dec)New Zealand (Jan-Dec )Australia (Jan-Dec )United States (Jan-Dec )
23 February 2012 30
BUTTEROIL Exports
27 278
155 446
15 04111 40026 782
147 134
17 76710 514
0
20 000
40 000
60 000
80 000
100 000
120 000
140 000
160 000
180 000
2010 2011
EU-27 (Jan - Dec)New Zealand (Jan-Dec )Australia (Jan-Dec )United States (Jan-Dec )
23 February 2012 31
SMP Exports
132 008 140 358
436 233
378 838
517 812
361 602343 371383 933
-50 000
50 000
150 000
250 000
350 000
450 000
550 000
2010 2011
EU-27 (Jan - Dec)New Zealand (Jan-Dec )Australia (Jan-Dec )United States (Jan-Dec )
23 February 2012 32
WMP Exports
389 767
1 110 408
52 746 21 835
447 173
948 700
116 241114 540
0
200 000
400 000
600 000
800 000
1 000 000
1 200 000
2010 2011
EU-27 (Jan - Dec)New Zealand (Jan-Dec )Australia (Jan-Dec )United States (Jan-Dec )
23 February 2012 33
CHEESESExports
676 086 682 148
264
819
.
253
142
.
159
910
.
167
669
.
175 143225 933
0
100 000
200 000
300 000
400 000
500 000
600 000
700 000
2010 2011
EU-27 (Jan - Dec)New Zealand (Jan-Dec )Australia (Jan-Dec )United States (Jan-Dec )
23 February 2012 34
EU Exports (1/2)
212 215194
164118 119 126
0
50
100
150
200
250
1000 Tonnes
2004 2005 2006 2007 2008 2009 2010
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
2010
2011
WMP exports
0
5
10
15
20
25
30
35
40
45
50
jan feb mar apr may jun jul aug sep oct nov dec
1000 tonnes
254194
89
203 179231
379
0
100
200
300
400
1000 Tonnes
2004 2005 2006 2007 2008 2009 2010
SMP exports SMP exports
0
10
20
30
40
50
60
jan feb mar apr may jun jul aug sep oct nov dec
1000 tonnes
2010
2011
23 February 2012 35
EU Exports (2/2)
552 546 584 596 555 578676
0
100
200
300
400
500
600
700
1000 Tonnes
2004 2005 2006 2007 2008 2009 2010
CHEESE exports
512 493438
367
485 463 445
0
100
200
300
400
500
600
1000 Tonnes
2004 2005 2006 2007 2008 2009 2010
WMP exports
CHEESE exports
0
10
20
30
40
50
60
70
80
jan feb mar apr may jun jul aug sep oct nov dec
1000 tonnes
2010
2011
WMP exports
0
5
10
15
20
25
30
35
40
45
50
jan feb mar apr may jun jul aug sep oct nov dec
1000 tonnes
2010
2011
23 February 2012 36
EU-27 Dairy EXPORTS in 2011in TONNES
Source : EUROSTAT (COMEXT)
BU
TT
ER
BU
TT
ER
OIL
SM
P
WM
P
CH
EE
SE
S
CO
ND
EN
SE
D
WH
EY
PO
WD
ER
CA
SE
INE
S
EXTRA EU27 88 614 22 431 517 443 389 741 678 048 239 116 450 270 62 558Russia 20 316 4 190 17 606 2 498 206 246 253 25 506 406
Algeria 1 016 2 205 120 515 57 261 15 681 1 689 1 867 1 147
China 1 279 280 26 099 5 918 2 648 2 254 139 197 3 113
USA 2 592 32 180 583 108 169 378 160 17 829
Saudi Arabia 2 333 1 654 13 905 17 514 17 510 45 322 3 026 858
Nigeria 395 1 440 26 362 48 047 449 24 003 1 181 144
Indonesia 2 143 1 182 32 228 5 476 721 58 644 1 243
U.A.Emirates 2 219 358 8 368 11 017 10 471 42 847 1 880 13
Egypt 1 365 894 33 906 12 860 11 170 971 9 033 1 131
Japan 3 098 351 4 172 9 43 904 272 10 275 2 211
Switzerland 249 54 107 491 48 883 375 5 327 622
Malaysia 219 452 14 231 335 1 145 187 37 230 178
Thailand 280 661 14 892 713 1 788 184 28 999 2 498
South Korea 488 20 21 721 1 504 11 398 81 9 927 1 800
Singapore 7 266 188 13 996 8 197 2 235 479 13 946 308
Oman 234 128 27 39 973 513 5 148 25
23 February 2012 37
EU-27 Dairy IMPORTS in 2011in TONNES
Source : EUROSTAT (COMEXT)
BU
TT
ER
BU
TT
ER
OIL
SM
P
WM
P
CH
EE
SE
S
CO
ND
EN
SE
D
WH
EY
PO
WD
ER
CA
SE
INE
S
EXTRA EU27 29 909 602 411 271 72 348 50 3 883 7 697Switzerland 9 1 12 19 49 949 1 1 490 9
New Zealand 29 348 550 49 16 14 990 0 107 2 420
Norway 1 0 115 2 777 468 34
Australia 1 2 585 46 113
Ukraine 2 406
USA 19 0 12 10 1 293 0 914 149
China 1 31 23 39 1 462
Israel 0 110 60 767
Belarus 0 760
Iceland 500 240
Croatia 13 356
Algeria 154 26
Russia 20 0 16 15 88
India 1 127
Mexico 105
Vietnam 0 45 16
23 February 2012 38
EU Exports of Dairy products (extra trade)
0
100 000
200 000
300 000
400 000
500 000
600 000
700 000
BU
TT
ER
BU
TT
ER
OIL
SM
P
WM
P
CH
EE
SE
S
CO
ND
EN
SE
D
WH
EY
PO
WD
ER
CA
SE
INE
S
To
nn
es
2010
2011
EU Imports of Dairy products (extra trade)
0
10 000
20 000
30 000
40 000
50 000
60 000
70 000
80 000
90 000
100 000
BU
TT
ER
BU
TT
ER
OIL
SM
P
WM
P
CH
EE
SE
S
CO
ND
EN
SE
D
WH
EY
PO
WD
ER
CA
SE
INE
S
To
nn
es
2010
2011
23 February 2012 39
BUTTER Imports
66 728 65 902
37 49539 983
6 5105 741
18 36614 902
0
10 000
20 000
30 000
40 000
50 000
60 000
70 000
80 000
2010 2011
EU-27 (Jan - Dec)United States (Jan-Dec )Russia (Jan-Dec )China (Jan-Dec )
23 February 2012 40
BUTTEROIL Imports
2 885
6 540
23 047
8 547
2 367
8 185
32 837
17 290
0
5 000
10 000
15 000
20 000
25 000
30 000
35 000
2010 2011
EU-27 (Jan - Dec)United States (Jan-Dec )Mexico (Jan-Nov )China (Jan-Dec )
23 February 2012 41
SMP Imports
88 544
129 868
90 728
3 825 468
27 179
62 81853 334
0
20 000
40 000
60 000
80 000
100 000
120 000
140 000
160 000
2010 2011
EU-27 (Jan - Dec)
Russia (Jan-Dec )
China (Jan-Dec )
Algeria (Jan-Jul )
23 February 2012 42
WMP Imports
1 730
140 476
325 530 319 723
1 974
101 023
7 711 8 285
-40 000
10 000
60 000
110 000
160 000
210 000
260 000
310 000
360 000
2010 2011
EU-27 (Jan - Dec)
Algeria (Jan-Jul )
United States (Jan-Dec )
China (Jan-Dec )
23 February 2012 43
CHEESESImports
82 507 73 533
294 280 295 732
199 081215 262
138 296 142 995
0
50 000
100 000
150 000
200 000
250 000
300 000
350 000
2010 2011
EU-27 (Jan - Dec)Russia (Jan-Dec )Japan (Jan-Dec )United States (Jan-Dec )
23 February 2012 44
Main Dairy Importers (Butter)
70 67
101
67 7550
67
0
25
50
75
100
125
1000 Tonnes
2004 2005 2006 2007 2008 2009 2010
Russia
Jan-Dec 2011 compared to 2010 : - 1.2%
0
2
4
6
8
10
12
14
J an Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
1000 tonnes
20102011
32 34 27
0
25
50
75
100
125
1000 Tonnes
2004 2005 2006 2007 2008 2009 2010
Egypt
Jan-Nov 2011 compared to 2010 : + 15.8%
0
1
2
3
4
5
6
7
J an Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
1000 tonnes
20102011
2011
Up to Nov 2010
23 February 2012 45
Main Dairy Importers (S.M.P.)
141 155
111 121152 165 155
0
25
50
75
100
125
150
175
1000 Tonnes
2004 2005 2006 2007 2008 2009 2010
Mexico
Jan-Nov 2011 compared to 2010 : + 25%
0
5
10
15
20
25
30
J an Feb Mar Apr May J un J ul Aug Sep Oct Nov Dec
1000 tonnes
20102011
90 8468
91 105 93 98
0
25
50
75
100
125
150
175
1000 Tonnes
2004 2005 2006 2007 2008 2009 2010
Algeria
Jan-Jul 2011 compared to 2010 : + 70%
0
5
10
15
20
25
J an Feb Mar Apr May J un J ul Aug Sep Oct Nov Dec
1000 tonnes
2010
2011
Up to Nov 2010
23 February 2012 46
Main Dairy Importers (W.M.P.)
90 64 73 58 46
177
326
0
50
100
150
200
250
300
350
1000 Tonnes
2004 2005 2006 2007 2008 2009 2010
ChinaJan-Dec 2011 compared to 2010 : - 2%
0
10
20
30
40
50
60
J an Feb Mar Apr May J un J ul Aug Sep Oct Nov Dec
1000 tonnes
2009
2010
2011
625 1 144
47
240
149
0
50
100
150
200
250
300
350
1000 Tonnes
2004 2005 2006 2007 2008 2009 2010
Nigeria
Jan-Sep 2011 compared to 2010 : - 58%
0
10
20
30
40
50
60
J an Feb Mar Apr May J un J ul Aug Sep Oct Nov Dec
1000 tonnes
2010
2011
23 February 2012 47
Main Dairy Importers (Cheese – 1/2)
213260
218 234 248 229294
0
50
100
150
200
250
1000 Tonnes
2004 2005 2006 2007 2008 2009 2010
Russia
Jan-Dec 2011 compared to 2010 : + 0%
0
5
10
15
20
25
30
35
J an Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
1000 tonnes
2010
2011
219 212 207 225187 184 199
0
50
100
150
200
250
1000 Tonnes
2004 2005 2006 2007 2008 2009 2010
Japan
Jan-Dec 2011 compared to 2010 : + 8%
0
5
10
15
20
25
30
35
J an Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
1000 tonnes
20102011
23 February 2012 48
Main Dairy Importers (Cheese – 2/2)
75 79 79 86 68 73 80
0
50
100
150
200
250
1000 Tonnes
2004 2005 2006 2007 2008 2009 2010
Mexico
216 211 205 200171 162 138
0
50
100
150
200
250
1000 Tonnes
2004 2005 2006 2007 2008 2009 2010
United States
Jan-Nov 2011 compared to 2010 : - 1%
0
5
10
15
20
J an Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
1000 tonnes
2010
2011
Jan-Dec 2011 compared to 2010 : + 3%
0
5
10
15
20
J an Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
1000 tonnes
2010
2011
23 February 2012 49
Source : GTA, Eurostat (COMEXT)
BUTTER - Top 10 Importers in 2010
Tons
2008 2009 2010up to
Jan-Dec 2010
Jan-Dec 2011
Russia 75 193 50 102 66 728 66 728 65 902 - 1.2%
Iran 33 076 54 766 55 678 55 678 52 414 - 5.9%
EU27 (External Trade) 56 447 59 206 37 568 37 495 39 983 + 6.6%
Egypt 31 794 33 594 26 671 Nov 22 821 26 454 + 15.9%
Morocco 33 016 28 778 24 850 24 850 26 877 + 8.2%
Australia 16 758 16 142 16 639 16 639 16 792 + 0.9%
Singapore 16 750 14 045 15 934 Nov 14 213 14 702 + 3.4%
China 7 832 17 152 14 902 14 902 18 366 + 23.2%
Taiwan 8 586 8 703 11 984 Nov 10 833 12 564 + 16.0%
Japan 18 154 332 2 033 2 033 14 025 + 589.9%
23 February 2012 50
Source : GTA, Eurostat (COMEXT)
BUTTEROIL - Top 10 Importers in 2010
Tons
2008 2009 2010up to
Jan-Dec 2010
Jan-Dec 2011
Mexico 34 848 55 623 36 251 Nov 32 837 23 047 - 29.8%
Nigeria 13 360 18 489 27 150 Sep 23 958 2 868 - 88.0%
Philippines 11 702 17 044 20 419 Nov 18 929 19 476 + 2.9%
India 699 22 571 19 202 Jun 10 583 335 - 96.8%
Indonesia 5 850 8 028 8 683 Nov 8 345 6 357 - 23.8%
China 5 650 10 874 8 547 8 547 17 290 + 102.3%
Thailand 10 838 6 939 8 432 8 432 11 516 + 36.6%
United States 10 550 14 836 8 185 8 185 6 540 - 20.1%
United Arab Emirates 6 859 7 701 Sep 5 154 6 207 + 20.4%
Russia 4 871 3 930 5 360 5 360 7 542 + 40.7%
23 February 2012 51
Source : GTA, Eurostat (COMEXT)
SMP - Top 10 Importers in 2010
Tons
2008 2009 2010up to
Jan-Dec 2010
Jan-Dec 2011
Mexico 152 466 165 067 154 895 Nov 143 509 179 292 + 24.9%
Indonesia 77 102 103 800 132 229 Nov 125 211 118 807 - 5.1%
Philippines 80 074 112 431 109 874 Nov 101 909 106 004 + 4.0%
Algeria 104 722 92 624 98 313 Jul 53 334 90 728 + 70.1%
China 54 965 70 443 88 544 88 544 129 868 + 46.7%
Malaysia 78 230 84 044 87 790 Nov 80 578 87 189 + 8.2%
Russia 11 534 7 973 62 818 62 818 27 179 - 56.7%
Singapore 54 348 61 431 61 717 Nov 57 474 56 283 - 2.1%
Thailand 60 666 50 116 59 356 59 356 63 703 + 7.3%
Egypt 36 636 28 137 45 302 Nov 40 558 44 295 + 9.2%
23 February 2012 52
Source : GTA, Eurostat (COMEXT)
WMP - Top 10 Importers in 2010
Tons
2008 2009 2010up to
Jan-Dec 2010
Jan-Dec 2011
China 45 963 177 345 325 530 325 530 319 723 - 1.8%
Algeria 152 584 200 176 166 866 Jul 101 023 140 476 + 39.1%
Nigeria 46 854 239 859 148 665 Sep 107 050 44 797 - 58.2%
Singapore 73 248 73 869 82 532 Nov 75 102 73 052 - 2.7%
United Arab Emirates 84 685 77 592 Sep 61 891 64 525 + 4.3%
Sri Lanka 56 996 56 022 67 064 67 064 75 779 + 13.0%
Venezuela 243 037 214 518 50 514 Nov 41 252 98 091 + 137.8%
Indonesia 84 335 50 311 42 838 Nov 39 792 62 365 + 56.7%
Hong Kong 24 893 32 606 38 880 38 880 51 112 + 31.5%
Brazil 22 963 57 204 37 958 37 958 54 827 + 44.4%
23 February 2012 53
Source : GTA, Eurostat (COMEXT)
CHEESE - Top 10 Importers in 2010
Tons
2008 2009 2010up to
Jan-Dec 2010
Jan-Dec 2011
Russia 248 279 228 550 294 280 294 280 295 732 + 0.5%
Japan 186 502 184 241 199 081 199 081 215 262 + 8.1%
United States 170 616 162 499 138 296 138 296 142 995 + 3.4%
EU27 (External Trade) 84 462 83 677 82 504 82 507 73 533 - 10.9%
Mexico 68 245 73 074 80 359 Nov 71 407 70 341 - 1.5%
Australia 68 093 65 131 75 612 75 612 72 425 - 4.2%
Egypt 21 238 22 751 67 710 Nov 39 112 43 988 + 12.5%
South Korea 47 386 49 024 60 972 60 972 76 222 + 25.0%
Nigeria 3 697 10 115 55 483 Sep 55 348 520 - 99.1%
Switzerland 41 071 44 103 46 892 46 892 48 893 + 4.3%
23 February 2012 54
BUTTER - Top 15 Exporters in 2010
Tons
2008 2009 2010 Jan-Dec
to EU 2010to % % up to
New Zealand 269 538 330 539 278 211 Iran 14% 12% 245 392 255 189 + 4%
EU27 (External Trade) 114 612 113 651 122 126 Russia 24% #N/A 126 236 94 735 - 25%
United States 82 997 23 064 47 837 Saudi Arabia 21% 5% 45 489 52 496 + 15%
Australia 29 162 50 213 36 226 Russia 16% #N/A 36 225 23 595 - 35%
Argentina 14 558 14 206 10 582 Russia 32% 1% 10 434 19 332 + 85%
Uruguay 9 701 17 736 9 936 Russia 26% #N/A 6 882 9 941 Sep + 44%
Norway 4 903 4 807 3 381 EU27 34% 34% 2 219 456 - 79%
India 9 440 1 566 #N/A ##### #N/A 507 2 730 Jun + 438%
Brazil 3 838 1 963 4 504 Egypt 34% #N/A 4 505 1 125 - 75%
China 4 393 2 049 3 038 Iran 43% 1% 3 001 3 259 + 9%
Switzerland 30 4 266 4 471 Turkey 50% 7% 4 146 5 425 + 31%
Singapore 3 106 1 923 1 802 Japan 51% 1 604 2 344 Nov + 46%
Ukraine 5 032 645 437 Kazakhstan 50% 0% 400 1 076 Nov + 169%
Chile 1 776 892 3 067 Peru 20% #N/A 3 067 3 698 + 21%
Russia 2 102 2 151 1 445 Azerbaijan 61% 1 444 1 174 - 19%
Main Destination
Jan-Dec
2011
23 February 2012 55
BUTTEROIL - Top 15 Exporters in 2010
Tons
2008 2009 2010 Jan-Dec
to EU 2010to % % up to
New Zealand 106 840 177 101 147 810 United States 11% 0.5% 147 137 155 447 + 6%
EU27 (External Trade) 31 508 28 008 25 607 Russia 16% #N/A 26 782 27 278 + 2%
Australia 16 728 30 258 17 769 Thailand 12% #N/A 17 767 15 040 - 15%
United States 11 052 6 042 12 356 Mexico 41% 7.7% 11 400 10 515 - 8%
Egypt 9 549 3 147 6 238 Syria 20% 0.5% 5 254 3 932 Nov - 25%
Argentina 7 876 2 581 4 152 Philippines 23% #N/A 4 152 7 238 + 74%
India 9 450 4 209 #N/A ##### #N/A 2 282 3 744 Jun + 64%
Yemen 7 663 2 684 2 475 Ethiopia 64% #N/A 2 179 1 511 Sep - 31%
Singapore 4 190 3 472 3 204 Japan 19% #N/A 3 066 2 134 Nov - 30%
Malaysia 1 545 1 384 3 525 Saudi Arabia 18% #N/A 3 507 2 417 Nov - 31%
Indonesia 275 1 083 974 Philippines 92% #N/A 882 447 Nov - 49%
South Africa 541 405 562 Zimbabwe 88% 503 135 Nov - 73%
United Arab Emirates 423 731 Singapore 24% 0.1% 635 313 Sep - 51%
Canada 713 187 125 United States 95% #N/A 125 163 + 30%
Honduras 84 657 Guatemala 100% #N/A 659 771 + 17%
Main Destination
Jan-Dec
2011
23 February 2012 56
SMP - Top 15 Exporters in 2010
Tons
2008 2009 2010 Jan-Dec
to EU 2010to % % up to
United States 398 033 248 020 385 013 Mexico 30% 0.3% 383 934 436 233 + 14%
New Zealand 242 036 408 010 343 398 China 15% 0.0% 343 371 361 603 + 5%
EU27 (External Trade) 179 076 231 183 378 412 Algeria 25% #N/A 378 838 517 812 + 37%
Australia 126 264 167 633 132 640 Indonesia 14% 0.5% 132 008 140 358 + 6%
Ukraine 43 624 26 998 13 895 Bangladesh 28% #N/A 11 662 21 167 Nov + 82%
India 43 794 15 413 #N/A ##### #N/A 10 076 2 868 Jun - 72%
Switzerland 6 371 26 733 23 079 Egypt 17% 3.3% 22 324 14 329 - 36%
Argentina 13 935 12 570 19 765 Brazil 47% #N/A 19 765 18 531 - 6%
Uruguay 9 358 19 529 11 360 Brazil 39% 7 582 13 705 Sep + 81%
Singapore 14 892 9 108 9 533 Japan 37% 0.1% 8 611 15 916 Nov + 85%
Canada 11 725 10 443 6 124 Thailand 29% 0.4% 6 100 9 871 + 62%
Malaysia 8 297 5 768 6 680 United Arab Emirates17% #N/A 5 273 8 233 Nov + 56%
Jordan 6 839 6 446 2 970 Iraq 61% #N/A 2 483 2 262 Nov - 9%
Iran 3 109 2 414 7 489 Iraq 79% #N/A 7 491 4 764 - 36%
United Arab Emirates 6 461 3 298 Somalia 41% 2 051 2 840 Sep + 38%
Main Destination
Jan-Dec
2011
23 February 2012 57
WMP - Top 15 Exporters in 2010
Tons
2008 2009 2010 Jan-Dec
to EU 2010to % % up to
New Zealand 606 666 819 089 949 778 China 31% 0.1% 948 701 1 110 408 + 17%
EU27 (External Trade) 484 939 462 841 444 210 Algeria 15% #N/A 447 173 389 767 - 13%
Australia 140 915 133 418 114 695 Singapore 15% 0.1% 114 541 116 241 + 1%
Argentina 103 419 146 823 128 059 Venezuela 28% #N/A 128 058 200 272 + 56%
Singapore 62 413 57 805 64 199 Japan 41% 0.1% 58 616 46 282 Nov - 21%
Uruguay 39 293 54 381 61 459 Venezuela 25% #N/A 41 794 38 587 Sep - 8%
United States 41 200 23 210 53 789 Mexico 20% 1.9% 52 745 21 835 - 59%
Philippines 44 915 28 570 37 802 Malaysia 28% 0.0% 34 207 40 429 Nov + 18%
Brazil 82 895 12 923 5 078 Algeria 48% 5 078 1 217 - 76%
United Arab Emirates 49 996 43 688 Saudi Arabia 41% 0.1% 36 647 44 324 Sep + 21%
Indonesia 40 691 25 505 16 737 Malaysia 27% #N/A 15 722 9 319 Nov - 41%
China 62 388 9 738 2 781 Myanmar 48% #N/A 2 780 9 127 + 228%
Malaysia 40 226 17 984 13 405 Singapore 23% #N/A 12 595 10 019 Nov - 20%
Chile 14 545 13 928 8 864 Brazil 30% #N/A 8 864 14 043 + 58%
Ukraine 21 218 4 708 6 110 Russia 54% 5 814 2 119 Nov - 64%
Main Destination
Jan-Dec
2011
23 February 2012 58
CHEESE - Top 15 Exporters in 2010
Tons
2008 2009 2010 Jan-Dec
to EU 2010to % % up to
EU27 (External Trade) 554 578 577 850 675 987 Russia 32% #N/A 676 086 682 148 + 1%
New Zealand 262 567 315 780 287 200 Australia 19% 8% 264 818 253 142 - 4%
Australia 166 415 168 255 162 954 Japan 52% 2% 159 909 167 669 + 5%
United States 139 252 112 025 178 017 Mexico 27% 2% 175 142 225 931 + 29%
Egypt 101 025 130 459 167 847 Saudi Arabia 22% 0% 151 452 157 267 Nov + 4%
Switzerland 100 959 105 013 106 101 EU27 45% 45% 58 379 59 904 + 3%
Ukraine 77 427 76 567 79 315 Russia 83% 0% 72 479 72 167 Nov - 0%
Argentina 36 213 48 076 45 103 Brazil 31% #N/A 45 105 60 054 + 33%
Uruguay 28 937 35 170 39 822 Venezuela 46% #N/A 26 850 27 370 Sep + 2%
Nicaragua 29 760 28 535 26 022 El Salvador 78% #N/A 26 022 30 213 + 16%
Turkey 19 825 23 383 26 782 Saudi Arabia 34% 0% 26 781 30 524 + 14%
Russia 23 757 21 196 18 291 Ukraine 39% 0% 18 290 13 825 - 24%
Morocco 17 169 17 701 17 247 Jordan 25% 0% 17 209 15 234 - 11%
Norway 17 496 15 594 16 308 United States 44% 17% 13 543 14 048 + 4%
Iran 7 744 12 581 18 089 Iraq 83% 0% 18 026 22 574 + 25%
Main Destination
Jan-Dec
2011
23 February 2012 59
Adjusted U.S. milk production (months of constant length)
6 600
6 800
7 000
7 200
7 400
7 600
7 800
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan-Dec 2011 compared to 2010 : + 1.8% (real monthly production)
in t
on
nes
.
2007 2008 2009 2010 2011
Source: USDA
U.S. milk production
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
23 February 2012 60
Jan-Dec 2011 compared to 2010 : + 1.8% (real monthly production)
U.S. milk production
6 000
6 200
6 400
6 600
6 800
7 000
7 200
7 400
7 600
7 800
8 000
Jan
Feb
Mar
Apr
May Ju
n
Jul
Aug
Sep Oct
Nov
Dec
Jan-Dec 2011 compared to 2010 : + 1.8% (real monthly production)
in t
on
nes
.
2007 2008 2009 2010 2011
Source: USDA
23 February 2012 61
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-Jan 2011/12 compared to 2010/11 : + 3.8%
in t
on
nes
.
2008/09 2009/10 2010/11 2011/12
23 February 2012 62
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-Nov 2011/12 compared to 2010/11 : + 8.6%
in t
on
nes
.
2007/08 2008/09 2009/10 2010/11 2011/12
23 February 2012 63
Prices
in US$/t Mar12 Apr12 May12-Jul12 Aug12-Oct12
Weighted average
price % changeContract period 1
Contract period 2
Contract period 3
Contract period 4
AMF n.a. 3 406 3 632 4 110 3 546 - 10.0% - 10.3% - 10.8% - 4.9%
BMP n.a. n.a. n.a. n.a. n.a.Cheeses n.a. 3 503 3 608 n.a. 3 559 - 2.2% - 2.1% - 2.7%
MPC70 n.a. 5 470 5 660 n.a. 5 571 + 0.0% + 4.8% - 5.5%
Rennet Casein n.a. 7 735 7 725 n.a. 7 730 + 0.2% + 0.1% + 0.3%
SMP 2 830 3 246 3 391 3 473 3 259 - 1.1% - 5.9% - 0.6% - 2.4% + 0.5%
WMP n.a. 3 386 3 446 3 586 3 421 - 3.2% - 3.1% - 5.4% + 4.0%
15.02.2012 1 € = 1.3092 $ (ECB rate)
in €/t Mar12 Apr12 May12-Jul12 Aug12-Oct12
Weighted average
price
AMF 2 601 2 774 3 139 2 709BMP n.a. n.a. n.a. n.a. n.a.Cheese 2 675 2 756 #VALUE! 2 718MPC70 4 178 4 323 #VALUE! 4 256Rennet Casein 5 908 5 901 #VALUE! 5 905SMP 2 162 2 479 2 590 2 653 2 490WMP 2 586 2 632 2 739 2 613
Source: http://www.globaldairytrade.info/
% change by contract from previous auction
Results of the Fonterra Auction of 15.02.2012