milk market situation brussels, 20 october 2011

Milk Market Situation

Brussels, 20 October 2011

Market Situation –20 October 2011 2

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

EU Productions

EU-27 Deliveries/Productions development(Jan-July 2011 compared to Jan-July 2010)

Total Butter+ 1.6%

Cows' Milk Collected+ 2.2%

Skimmed-milk powder+ 12.0%

Milk powder cream, Whole milk powder and partly skimmed

milk powder- 4.1%

Cheese+ 0.6%

Fermented milk- 0.1%

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

Ev

olu

tio

n e

n %

.

Source: MS’ communications to Eurostat

EU-27 Deliveries/Production developments(Apr-July 2011 compared to Apr-July 2010)

Total Butter+ 1.2%

Skimmed-milk powder+ 9.9%

Milk powder cream, Whole milk powder and partly skimmed

milk powder- 11.3%

Cheese- 0.0%

Fermented milk- 0.8%

Cows' Milk Collected+ 1.8%

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

Ev

olu

tio

n e

n %


-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%

+2,2

-11,2

+0,8

-1,2

+2,6

+1,6

+11,0

-6,0+1,7

+5,4

-1,7

-1,9

+4,9

+3,0

+0,7

-6,5

0

+0,2

+3,9

+1,8

0

-6,0+1,5

-1,2

-1,5

-0,6

+3,0



-16.0% to -12.0% -12.0% to -8.0% -8.0% to -4.0% -4.0% to +0.0% +0.0% to +4.0% +4.0% to +8.0% +8.0% to +12.0% +12.0% to +16.0%

+1,5

-14,3

+1,1

-0,9

+2,4

-2,2

+9,2

-6,7+1,0

+4,4

-1,5

-3,4

+3,1

+0,7

+1,7

-6,7

0

+0,5

+4,0

+1,2

-0,4

-3,9+1,5

-0,6

-2,7

-0,8

+1,9


Market Situation –20 October 2011 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

onne

s

2008 2009 2010 2011


EU 15/12 Milk Deliveries and Prices1

49

2

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

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

30

9 1

90 10

52

5

10

67

6

11

02

4

10

35

3

10

35

7

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

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

.73

33

.68

33

.32

33

.66

34

.35

34

.85

35

.12

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

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


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

Milk Prices Evolution (up to August 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

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/)


EU Milk Prices(August 2011 compared to August 2010)

50.948.9

45.744.3

38.837.4 37.3 36.5

35.6 34.8 34.6 34.6 34.433.2 32.7 32.5 32.4 32.2 31.6 31.1 30.9 30.5 30.5 30.2

29.1 28.727.1

26.2

14

18

22

26

30

34

38

42

46

50

54

CY MT FI EL IT SE NL DK FR DE AT IE EU27

CZ LU EE BE BG SK HU ES UK PT SI PL LV RO LT

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 BE, ES and IT

Market Situation –20 October 2011 9Sources : EUROSTAT Newcronos

Data for DK missing

EU 27 BUTTER+BUTTEROI L Production

120

130

140

150

160

170

180

190


100

0 t

onne

s

2008 2009 2010 2011


Data for DK missing

EU 27 SMP Production

40

50

60

70

80

90

100

110

120


100

0 t

onne

s

2008 2009 2010 2011


Data for DK missing

EU 25/EU 27 WMP Production

30

35

40

45

50

55

60

65

70

75


100

0 t

onne

s

2008 2009 2010 2011


Data for DK missing

EU 27 CHEESES Production

600

620

640

660

680

700

720

740


100

0 t

onne

s

2008 2009 2010 2011


Monthly EU15/25 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/1

00 k

g

2008 2009 2 010 2 011 I P 2009

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


EU SMP Prices(up to 16/10/2011)

255246

238 238 236 235 233221 218

207

0

50

100

150

200

250

300

LV UK DE FR SK BE EU 27 PL IE CZ

in E

UR

/10

0 k

g

Source: MS’ communications under reg. 479/2010


Monthly EU15/25 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 k

g

2008 2009 2 010 2 011 I P 2009



EU Butter Prices (up to 16.10.2011)

401 400 397 396 394 388 384

450

360369374

385

150

175

200

225

250

275

300

325

350

375

400

425

450

475

500

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

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


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)

388

233

140

160

180

200

220

240

260

280

300

320

340

360

380

400

420

440

Jan

03

Apr

03

Jul

03

Oct

03

Jan

04

Apr

04

Jul

04

Oct

04

Jan

05

Apr

05

Jul

05

Oct

05

Jan

06

Apr

06

Jul

06

Oct

06

Jan

07

Apr

07

Jul

07

Oct

07

Jan

08

Apr

08

Jul

08

Oct

08

Jan

09

Apr

09

Jul

09

Oct

09

Jan

10

Apr

10

Jul

10

Oct

10

Jan

11

Apr

11

Jul

11

in E

UR/1

00 k

g

.

BUTTER SMP

Market Situation –20 October 2011 18Sources : Member States communications

17 896 T.

Butter Stocks20.10.2011

Private Storage : 65 117 Tons

Intervention Stocks : 1 544 Tonsof which Most Deprived : 1 544 TonsAvailable : 0 Ton

61 T.

254 T.

0 T.

0 T.

0 T.

0 T.

182 T.

0 T.

796 T.

0 T.

0 T.

0 T.

7 105 T.

8 094 T.

0 T.

0 T.

4 160 T.

15 338 T.

0 T.

0 T.

0 T.

8 139 T.

Market Situation –20 October 2011 19Sources : Member States communications

Intervention Stocks : 104 018 Tonsof which

Most Deprived 2011: 93 956 TonsMost Deprived 2012: 53 576 Tons

SMP Stocks20.10.2011

9 466 T.

30 732 T.

24 416 T.

14 632 T.

3 527 T.

14 599 T

330 T.

207 T. 24 T.

1 077 T.

3 578 T.

823 T.

607 T. 0 T.


Monthly EU15/25 WMP Prices

150170190210230250270290310330350370390410

01/

01/

200

0

29/0

1/2

000

26/0

2/2

00

0

25/0

3/2

00

0

22/0

4/2

00

0

20/0

5/2

00

0

17/0

6/2

000

15/0

7/2

000

12/0

8/2

000

09/0

9/2

00

0

07/1

0/2

000

04/1

1/2

00

0

02/1

2/2

000

30/1

2/2

000

2008 2009 2 010 2 011



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

2008 2009 2010 2011

Monthly EU15/25 EDAM Prices

200220240260280300320340360380400420

Jan

Feb

Mar

Apr

May

Jun Jul

Aug

Sep

Oct

Nov

Dec

2 010 2008 2009 2 011



Monthly EU15/25 WheyPowder Prices

0

20

40

60

80

100

120

Jan

Feb

Mar

Apr

May

Jun Jul

Aug

Sep

Oct

Nov

Dec

2 010 2008 2009 2 011



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

EU

R f

or

10

00

kg

of

Milk

Cheese/Butter/Whey

SMP/Butter

WMP/Butter

Source: Reg. 562/2005 and 479/2010


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

US

D f

or

10

00

kg

of

Milk

Cheese/Butter/Whey

SMP/Butter

WMP/Butter

Source: USDA


USD/EUR

1.3828

Source: European Central Bank


EU/US/Oceania Quotations of Butter

4 050

5 350

4 000

1 000

1 500

2 000

2 500

3 000

3 500

4 000

4 500

5 000

5 500

6 000Ju

l 04

Nov

04

Mar

05

Jul 0

5

Nov

05

Mar

06

Jul 0

6

Nov

06

Mar

07

Jul 0

7

Nov

07

Mar

08

Jul 0

8

Nov

08

Mar

09

Jul 0

9

Nov

09

Mar

10

Jul 1

0

Nov

10

Mar

11

Jul 1

1

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


EU/US/Oceania Quotations of SMP

3 3383 220

3 480

1 000

1 500

2 000

2 500

3 000

3 500

4 000

4 500

5 000

5 500

Jul 0

4

Nov

04

Mar

05

Jul 0

5

Nov

05

Mar

06

Jul 0

6

Nov

06

Mar

07

Jul 0

7

Nov

07

Mar

08

Jul 0

8

Nov

08

Mar

09

Jul 0

9

Nov

09

Mar

10

Jul 1

0

Nov

10

Mar

11

Jul 1

1

Pri

ces

in U

SD

/to

nn

e

Avg Oceania SMP quotation

Avg EU SMP internal Price

Avg US SMP quotation



EU/US/Oceania Quotations of WMP

3 425

4 020

4 280

1 000

1 500

2 000

2 500

3 000

3 500

4 000

4 500

5 000

5 500

6 000Ju

l 04

Nov

04

Mar

05

Jul 0

5

Nov

05

Mar

06

Jul 0

6

Nov

06

Mar

07

Jul 0

7

Nov

07

Mar

08

Jul 0

8

Nov

08

Mar

09

Jul 0

9

Nov

09

Mar

10

Jul 1

0

Nov

10

Mar

11

Jul 1

1

Pri

ces

in U

SD

/to

nn

e

Avg Oceania WMP quotation

Avg EU WMP internal Price

Avg US WMP quotation



EU/US/Oceania Quotations of Cheddar

4 188

4 600

3 750

1 000

1 500

2 000

2 500

3 000

3 500

4 000

4 500

5 000

5 500

6 000

Jul 0

4

Nov

04

Mar

05

Jul 0

5

Nov

05

Mar

06

Jul 0

6

Nov

06

Mar

07

Jul 0

7

Nov

07

Mar

08

Jul 0

8

Nov

08

Mar

09

Jul 0

9

Nov

09

Mar

10

Jul 1

0

Nov

10

Mar

11

Jul 1

1

Pri

ces

in U

SD

/to

nn

e

Avg OceaniaCheddar quotation

Avg EU Cheddar internal Price

Avg US Cheddar quotation



BUTTER Exports

21 55212 528

79 03163 105

156 541147 684

42 17032 889

0

20 000

40 000

60 000

80 000

100 000

120 000

140 000

160 000

180 000

2010 2011

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


BUTTEROIL Exports

20 514

95 071

10 4856 199

17 610

89 514

11 833 8 063

0

20 000

40 000

60 000

80 000

100 000

120 000

2010 2011



SMP Exports

73 72094 025

292 072

252 274

323 484

230 868220 229 223 290

0

50 000

100 000

150 000

200 000

250 000

300 000

350 000

2010 2011



WMP Exports

280 609

706 526

41 07712 704

315 553

580 094

68 241 71 781

0

100 000

200 000

300 000

400 000

500 000

600 000

700 000

800 000

2010 2011



CHEESESExports

434 138 434 215 1

83 3

88

168

334

106

082

108

513

114 626152 389

0

50 000

100 000

150 000

200 000

250 000

300 000

350 000

400 000

450 000

500 000

2010 2011



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


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

5

10

15

20

25

30

35

40

45

50


1000 tonnes

2010

2011


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


1000 tonnes

2010

2011

WMP exports

0

5

10

15

20

25

30

35

40

45

50


1000 tonnes

2010

2011


BUTTER Imports

36 023

44 198

23 930 22 410

3 5443 407

12 30710 293

0

5 000

10 000

15 000

20 000

25 000

30 000

35 000

40 000

45 000

50 000

2010 2011

EU-27 (Jan - Aug)United States (Jan-Aug )Russia (Jan-Aug )China (Jan-Aug )


BUTTEROIL Imports

2 262

508

5 1205 771

1 768

7 351

3 293

11 785

0

2 000

4 000

6 000

8 000

10 000

12 000

14 000

2010 2011

EU-27 (Jan - Aug)United States (Jan-Aug )Russia (Jan-Aug )China (Jan-Aug )


SMP Imports

60 008

80 921

2312 785 453

22 192

33 467

138

-5 000

5 000

15 000

25 000

35 000

45 000

55 000

65 000

75 000

85 000

2010 2011

EU-27 (Jan - Aug)

Russia (Jan-Aug )

China (Jan-Aug )

United States (Jan-Aug )


WMP Imports

674 79

226 606

263 984

1 478369

7 269 4 700

0

50 000

100 000

150 000

200 000

250 000

300 000

2010 2011

EU-27 (Jan - Aug)Japan (Jan-Aug )Russia (Jan-Aug )China (Jan-Aug )


CHEESESImports

54 09045 022

187 381 185 972

130 816 136 586

84 277 89 456

0

50 000

100 000

150 000

200 000

2010 2011

EU-27 (Jan - Aug)Russia (Jan-Aug )Japan (Jan-Aug )United States (Jan-Aug )


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-Aug 2011 compared to 2010 : + 22.7%

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

67

0

25

50

75

100

125

1000 Tonnes

2004 2005 2006 2007 2008 2009 2010

Egypt

Jan-Jul 2011 compared to 2010 : + 43.4%

0

1

2

3

4

5

6


1000 tonnes

20102011

2011

Up to Nov 2010


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-Jul 2011 compared to 2010 : + 46%

0

5

10

15

20

25

30


1000 tonnes

20102011

90 8468

91 105 93 90

0

25

50

75

100

125

150

175

1000 Tonnes

2004 2005 2006 2007 2008 2009 2010

Algeria


0

5

10

15

20

25


1000 tonnes

2010

2011

Up to Nov 2010


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-Aug 2011 compared to 2010 : + 16%

0

10

20

30

40

50

60


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-Mar 2011 compared to 2010 : - 60%

0

10

20

30

40

50

60


1000 tonnes

2010

2011


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-Aug 2011 compared to 2010 : - 1%

0

5

10

15

20

25

30

35


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-Aug 2011 compared to 2010 : + 4%

0

5

10

15

20

25

30

35


1000 tonnes

20102011


Main Dairy Importers (Cheese – 2/2)

14 11 14 19 20

42

0

25

50

75

100

1000 Tonnes

2004 2005 2006 2007 2008 2009 2010

Egypt

160 167 182 160 153200

167

0

50

100

150

200

250

300

350

1000 Tonnes

2004 2005 2006 2007 2008 2009 2010

Algeria

Jan-Jun 2011 compared to 2010 : - 5%

-5

0

5

10

15

20


1000 tonnes

2010

2011


0

10

20

30

40

50

60


1000 tonnes

2010

2011


Source : GTA, Eurostat (COMEXT)

BUTTER - Top 10 Importers in 2010

Tons

2008 2009 2010up to

Jan-Aug 2010

Jan-Aug 2011

Russia 75 193 50 102 66 728 36 023 44 198 + 22.7%

Iran 33 076 54 766 55 678 43 730 47 172 + 7.9%

EU27 (External Trade) 56 447 59 206 37 568 24 001 22 410 - 6.6%

Egypt 31 794 33 594 26 671 Jul 11 950 17 135 + 43.4%

Morocco 33 016 28 778 24 850 Jun 12 798 16 793 + 31.2%

Australia 16 758 16 142 16 639 10 704 10 117 - 5.5%

Singapore 16 750 14 045 15 934 Jul 9 410 9 419 + 0.1%

China 7 832 17 152 14 902 10 293 12 307 + 19.6%

Taiwan 8 586 8 703 11 984 Jul 6 810 9 535 + 40.0%

Turkey 7 200 13 478 11 745 8 131 4 889 - 39.9%



BUTTEROIL - Top 10 Importers in 2010

Tons

2008 2009 2010up to

Jan-Aug 2010

Jan-Aug 2011

Mexico 34 848 55 623 36 251 Jul 21 885 15 162 - 30.7%

Nigeria 13 360 18 489 27 150 Mar 8 437 946 - 88.8%

Philippines 11 702 17 044 20 419 Jun 9 293 11 788 + 26.8%

India 699 22 571 19 202 Mar 3 921 175 - 95.5%

Indonesia 5 850 8 028 8 683 Jul 6 296 4 337 - 31.1%

China 5 650 10 874 8 547 5 771 11 785 + 104.2%

Thailand 10 838 6 939 8 436 5 151 7 335 + 42.4%

United States 10 550 14 836 8 185 7 351 508 - 93.1%

United Arab Emirates 6 859 7 701 May 2 891 4 091 + 41.5%

Russia 4 871 3 930 5 360 3 293 5 120 + 55.5%



SMP - Top 10 Importers in 2010

Tons

2008 2009 2010up to

Jan-Aug 2010

Jan-Aug 2011

Mexico 152 466 165 067 154 895 Jul 74 494 108 790 + 46.0%

Indonesia 77 102 103 800 132 229 Jul 86 904 73 923 - 14.9%

Philippines 80 074 112 431 109 874 Jun 54 695 59 124 + 8.1%

Algeria 104 722 92 624 98 313 Jul 53 334 90 728 + 70.1%

China 54 965 70 443 88 544 60 008 80 921 + 34.9%

Malaysia 78 230 84 044 87 790 Jun 47 050 48 479 + 3.0%

Russia 11 534 7 973 62 818 33 467 22 192 - 33.7%

Singapore 54 348 61 431 61 717 Jul 38 413 36 566 - 4.8%

Thailand 60 666 50 116 59 356 27 373 35 247 + 28.8%

Egypt 36 636 28 137 45 302 Jul 24 652 28 706 + 16.4%



WMP - Top 10 Importers in 2010

Tons

2008 2009 2010up to

Jan-Aug 2010

Jan-Aug 2011

China 45 963 177 345 325 530 226 606 263 984 + 16.5%

Algeria 152 584 200 176 166 866 Jul 101 023 140 476 + 39.1%

Nigeria 46 854 239 859 148 665 Mar 39 402 15 905 - 59.6%

Singapore 73 248 73 869 82 532 Jul 47 662 47 655 - 0.0%

United Arab Emirates 84 685 77 592 May 37 595 37 390 - 0.5%

Sri Lanka 56 996 56 022 67 064 Jul 38 718 44 062 + 13.8%

Venezuela 243 037 214 518 50 514 Jul 30 943 58 558 + 89.2%

Indonesia 84 335 50 311 42 838 Jul 26 863 39 881 + 48.5%

Egypt 18 675 20 319 41 836 Jul 26 145 140 992 + 439.3%

Hong Kong 24 893 32 606 38 880 24 002 36 044 + 50.2%



CHEESE - Top 10 Importers in 2010

Tons

2008 2009 2010up to

Jan-Aug 2010

Jan-Aug 2011

Russia 248 279 228 550 294 280 187 381 185 972 - 0.8%

Japan 186 502 184 241 199 081 130 816 136 586 + 4.4%

United States 170 616 162 499 138 296 84 277 89 456 + 6.1%

EU27 (External Trade) 84 462 83 676 82 515 54 089 45 021 - 16.8%

Mexico 68 245 73 074 80 359 Jul 48 194 47 046 - 2.4%

Australia 68 093 65 131 75 612 50 044 47 030 - 6.0%

Egypt 21 238 22 751 67 710 Jul 17 446 59 501 + 241.1%

South Korea 47 386 49 024 60 972 38 516 50 571 + 31.3%

Nigeria 3 697 10 115 55 483 Mar 55 125 269 - 99.5%

Switzerland 41 071 44 103 46 892 30 986 32 976 + 6.4%


BUTTER - Top 15 Exporters in 2010

Tons

2008 2009 2010 Jan-Aug

to EU 2010to % % up to

New Zealand 269 538 330 539 278 211 Iran 14% 12% 147 683 141 732 - 4%

EU27 (External Trade) 114 612 113 651 122 126 Russia 24% #N/A 76 246 54 345 - 29%

United States 82 997 23 064 47 837 Saudi Arabia 21% 5% 32 889 37 530 + 14%

Australia 29 162 50 213 36 226 Russia 16% #N/A 21 552 11 259 - 48%

Argentina 14 558 14 206 10 582 Russia 32% 1% 4 406 7 824 Jul + 78%

Uruguay 9 701 17 736 9 936 Russia 26% #N/A 5 092 4 194 Jul - 18%

Norway 4 903 4 807 3 381 EU27 34% 34% 2 124 456 - 79%

India 9 440 1 566 #N/A ##### #N/A 271 853 Mar + 215%

Brazil 3 838 1 963 4 504 Egypt 34% #N/A 2 541 213 - 92%

China 4 393 2 049 3 038 Iran 43% 1% 1 983 1 945 - 2%

Switzerland 30 4 266 4 471 Turkey 50% 7% 2 621 2 039 - 22%

Singapore 3 106 1 923 1 802 Japan 51% 986 864 Jul - 12%

Ukraine 5 032 645 437 Kazakhstan 50% 0% 323 946 Jul + 193%

Chile 1 776 892 3 067 Peru 20% #N/A 1 670 1 703 + 2%

Russia 2 102 2 151 1 445 Azerbaijan 61% 865 439 - 49%

Main Destination

Jan-Aug

2011


BUTTEROIL - Top 15 Exporters in 2010

Tons

2008 2009 2010 Jan-Aug


New Zealand 106 840 177 101 147 810 United States 11% 0.5% 89 516 85 260 - 5%

EU27 (External Trade) 31 508 28 008 25 607 Russia 16% #N/A 17 109 18 201 + 6%

Australia 16 728 30 258 17 769 Thailand 12% #N/A 11 834 9 941 - 16%

United States 11 052 6 042 12 356 Mexico 41% 7.7% 6 199 6 918 + 12%

Egypt 9 549 3 147 6 238 Syria 20% 0.5% 3 244 3 138 Jul - 3%

Argentina 7 876 2 581 4 152 Philippines 23% #N/A 2 030 4 248 Jul + 109%

India 9 450 4 209 #N/A ##### #N/A 1 167 1 401 Mar + 20%

Yemen 7 663 2 684 2 475 Ethiopia 64% #N/A 1 272 187 Mar - 85%

Singapore 4 190 3 472 3 204 Japan 19% #N/A 2 087 1 553 Jul - 26%

Malaysia 1 545 1 384 3 525 Saudi Arabia 18% #N/A 2 545 1 125 Jun - 56%

Indonesia 275 1 083 974 Philippines 92% #N/A 372 447 Jul + 20%

South Africa 541 405 562 Zimbabwe 88% 287 61 Jul - 79%

United Arab Emirates 423 731 Singapore 24% 0.1% 453 217 May - 52%

Canada 713 187 125 United States 95% #N/A 80 54 - 33%

Honduras 84 657 Guatemala 100% #N/A 438 461 Jul + 5%

Main Destination

Jan-Aug

2011


SMP - Top 15 Exporters in 2010

Tons

2008 2009 2010 Jan-Aug


United States 398 033 248 020 385 013 Mexico 30% 0.3% 223 290 255 423 + 14%

New Zealand 242 036 408 010 343 398 China 15% 0.0% 220 228 212 991 - 3%

EU27 (External Trade) 179 076 231 183 378 412 Algeria 25% #N/A 252 274 283 220 + 12%

Australia 126 264 167 633 132 640 Indonesia 14% 0.5% 73 720 86 843 + 18%

Ukraine 43 624 26 998 13 895 Bangladesh 28% #N/A 8 262 17 858 Jul + 116%

India 43 794 15 413 #N/A ##### #N/A 6 396 2 831 Mar - 56%

Switzerland 6 371 26 733 23 079 Egypt 17% 3.3% 17 494 8 602 - 51%

Argentina 13 935 12 570 19 765 Brazil 47% #N/A 7 228 11 732 Jul + 62%

Uruguay 9 358 19 529 11 360 Brazil 39% 6 356 4 917 Jul - 23%

Singapore 14 892 9 108 9 533 Japan 37% 0.1% 3 812 13 046 Jul + 242%

Canada 11 725 10 443 6 124 Thailand 29% 0.4% 4 024 7 882 + 96%

Malaysia 8 297 5 768 6 680 United Arab Emirates17% #N/A 2 687 3 407 Jun + 27%

Jordan 6 839 6 446 2 970 Iraq 61% #N/A 1 723 1 565 Jul - 9%

Iran 3 109 2 414 7 489 Iraq 79% #N/A 6 563 2 650 - 60%

United Arab Emirates 6 461 3 298 Somalia 41% 1 059 1 994 May + 88%

Main Destination

Jan-Aug

2011


WMP - Top 15 Exporters in 2010

Tons

2008 2009 2010 Jan-Aug


New Zealand 606 666 819 089 949 778 China 31% 0.1% 580 095 668 730 + 15%

EU27 (External Trade) 484 939 462 841 444 210 Algeria 15% #N/A 315 538 250 647 - 21%

Australia 140 915 133 418 114 695 Singapore 15% 0.1% 68 242 65 573 - 4%

Argentina 103 419 146 823 128 059 Venezuela 28% #N/A 53 251 94 968 Jul + 78%

Singapore 62 413 57 805 64 199 Japan 41% 0.1% 37 459 29 183 Jul - 22%

Uruguay 39 293 54 381 61 459 Venezuela 25% #N/A 32 687 21 402 Jul - 35%

United States 41 200 23 210 53 789 Mexico 20% 1.9% 41 076 11 179 - 73%

Philippines 44 915 28 570 37 802 Malaysia 28% 0.0% 18 241 21 128 Jun + 16%

Brazil 82 895 12 923 5 078 Algeria 48% 3 995 1 123 - 72%

United Arab Emirates 49 996 43 688 Saudi Arabia 41% 0.1% 18 022 24 199 May + 34%

Indonesia 40 691 25 505 16 737 Malaysia 27% #N/A 12 134 5 146 Jul - 58%

China 62 388 9 738 2 781 Myanmar 48% #N/A 2 110 5 310 + 152%

Malaysia 40 226 17 984 13 405 Singapore 23% #N/A 6 717 6 405 Jun - 5%

Chile 14 545 13 928 8 864 Brazil 30% #N/A 6 869 11 315 + 65%

Ukraine 21 218 4 708 6 110 Russia 54% 4 820 1 936 Jul - 60%

Main Destination

Jan-Aug

2011


CHEESE - Top 15 Exporters in 2010

Tons

2008 2009 2010 Jan-Aug


EU27 (External Trade) 554 578 577 850 675 987 Russia 32% #N/A 434 101 375 253 - 14%

New Zealand 262 567 315 780 287 200 Australia 19% 8% 183 386 148 064 - 19%

Australia 166 415 168 255 162 954 Japan 52% 2% 106 081 96 879 - 9%

United States 139 252 112 025 178 017 Mexico 27% 2% 114 626 136 718 + 19%

Egypt 101 025 130 459 167 847 Saudi Arabia 22% 0% 98 074 79 759 Jul - 19%

Switzerland 100 959 105 013 106 101 EU27 45% 45% 36 263 32 014 - 12%

Ukraine 77 427 76 567 79 315 Russia 83% 0% 47 398 45 251 Jul - 5%

Argentina 36 213 48 076 45 103 Brazil 31% #N/A 21 301 27 634 Jul + 30%

Uruguay 28 937 35 170 39 822 Venezuela 46% #N/A 18 967 13 980 Jul - 26%

Nicaragua 29 760 28 535 26 022 El Salvador 78% #N/A 15 134 17 558 Jul + 16%

Turkey 19 825 23 383 26 782 Saudi Arabia 34% 0% 16 978 17 133 + 1%

Russia 23 757 21 196 18 291 Ukraine 39% 0% 13 045 7 153 - 45%

Morocco 17 169 17 701 17 247 Jordan 25% 0% 8 241 8 034 Jun - 3%

Norway 17 496 15 594 16 308 United States 44% 17% 9 121 8 046 - 12%

Iran 7 744 12 581 18 089 Iraq 83% 0% 11 581 13 970 + 21%

Main Destination

Jan-Aug

2011


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

6 400

6 600

6 800

7 000

7 200

7 400

7 600

7 800

8 000

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan-Aug 2011 compared to 2010 : + 1.7% (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



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 000Ja

n

Feb

Mar

Apr

May Jun

Jul

Aug

Sep Oct

Nov

Dec


in tonnes

.

2007 2008 2009 2010 2011

Source: USDA


Source: Dairy Australia

Australian milk production

500

600

700

800

900

1 000

1 100

1 200Ju

l

Au

g

Sep Oct

No

v

Dec

Jan

Feb

Mar

Ap

r

May

Jun

Jul 2011/12 compared to 2010/11 : - 1.1%

in t

on

nes

.

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


Source: DCANZ - Fonterra

NZ milk production

0

500

1 000

1 500

2 000

2 500

3 000Ju

n

Jul

Au

g

Sep Oct

No

v

Dec

Jan

Feb

Mar

Ap

r

May

Jun-Jul 2011/12 compared to 2010/11 : + 18.0%

in t

on

nes

.

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


Prices

in US$/t Nov-11 Dec-11 Jan12-Mar12 Apr12-Jun12

Weighted average

price % changeContract period 1

Contract period 2

Contract period 3

Contract period 4

AMF n.a. 3 623 3 618 4 540 3 645 - 1.6% - 1.4% - 1.8% + 1.2%

BMP n.a. 2 970 3 155 n.a. 3 019 - 1.8% - 0.5% - 5.4%

Cheeses n.a. 3 512 3 484 n.a. 3 497 - 8.0% - 8.4% - 7.5%

MPC70 n.a. 6 510 6 060 n.a. 6 295 - 6.2% - 4.5% - 8.3%

Rennet Casein n.a. 6 931 7 142 n.a. 7 040 - 13.9% - 13.5% - 14.4%

SMP 3 041 3 259 3 359 3 442 3 292 + 3.1% - 0.2% + 2.5% + 4.7% + 0.9%

WMP n.a. 3 473 3 516 3 604 3 503 + 5.9% + 6.4% + 6.5% + 1.2%

18.10.2011 1 € = 1.3676 $ (ECB rate)

in €/t Nov-11 Dec-11 Jan12-Mar12 Apr12-Jun12

Weighted average

price

AMF 2 649 2 646 3 320 2 665BMP n.a. 2 172 2 307 n.a. 2 207Cheese 2 568 2 548 #VALUE! 2 557MPC70 4 760 4 431 #VALUE! 4 603Rennet Casein 5 068 5 222 #VALUE! 5 148SMP 2 224 2 383 2 456 2 517 2 407WMP 2 539 2 571 2 636 2 561

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

% change by contract from previous auction

Results of the Fonterra Auction of 18.10.2011


Anhydrous Milk Fat

Source: graph based on information available on http://www.globaldairytrade.info/

AMF - offered quantities and weighted average price

0

1 000

2 000

3 000

4 000

5 000

6 000

7 000

3 N

ov 0

9

1 D

ec 0

9

5 Ja

n 10

2 Fe

b 10

2 M

ar 1

0

6 Ap

r 10

4 M

ay 1

0

1 Ju

n 10

6 Ju

l 10

3 Au

g 10

1 Se

p 10

15 S

ep 1

0

5 O

ct 1

0

19 O

ct 1

0

2 N

ov 1

0

16 N

ov 1

0

1 D

ec 1

0

15 D

ec 1

0

4 Ja

n 11

18 J

an 1

1

1 Fe

b 11

15 F

eb 1

1

1 M

ar 1

1

15 M

ar 1

1

5 Ap

r 11

19 A

pr 1

1

3 M

ay 1

1

17 M

ay 1

1

1 Ju

n 11

15 J

un 1

1

5 Ju

l 11

19 J

ul 1

1

2 Au

g 11

16 A

ug 1

1

6 Se

p 11

20 S

ep 1

1

4 O

ct 1

1

18 O

ct 1

1

in t

0

1 000

2 000

3 000

4 000

5 000

6 000

7 000

in U

S$

Contract 1 (month + 2) Contract 2 (3 months after month + 2)

Contract 3 (3 months after month + 5) Calculated weighted average price


Skimmed Milk Powder


SMP - offered quantities and weighted average price

0

2 000

4 000

6 000

8 000

10 000

12 000

14 000

2 M

ar 1

0

6 Ap

r 10

4 M

ay 1

0

1 Ju

n 10

6 Ju

l 10

3 Au

g 10

1 Se

p 10

15 S

ep 1

0

5 O

ct 1

0

19 O

ct 1

0

2 N

ov 1

0

16 N

ov 1

0

1 D

ec 1

0

15 D

ec 1

0

4 Ja

n 11

18 J

an 1

1

1 Fe

b 11

15 F

eb 1

1

1 M

ar 1

1

15 M

ar 1

1

5 Ap

r 11

19 A

pr 1

1

3 M

ay 1

1

17 M

ay 1

1

1 Ju

n 11

15 J

un 1

1

5 Ju

l 11

19 J

ul 1

1

2 Au

g 11

16 A

ug 1

1

6 Se

p 11

20 S

ep 1

1

4 O

ct 1

1

18 O

ct 1

1

in t

0

500

1 000

1 500

2 000

2 500

3 000

3 500

4 000

4 500

5 000

in U

S$

Contract 1 (month + 2) Contract 2 (3 months after month + 2) Contract 3 (3 months after month + 5) Weighted average price


Whole Milk Powder


WMP - offered quantities and weighted average price

0

5 000

10 000

15 000

20 000

25 000

30 000

35 000

40 000

02-J

ul-0

805

-Aug

-08

02-S

ep-0

801

-Oct

-08

04-N

ov-0

802

-Dec

-08

06-J

an-0

903

-Feb

-09

03-M

ar-0

901

-Apr

-09

12-M

ay-0

902

-Jun

-09

01-J

ul-0

904

-Aug

-09

01-S

ep-0

906

-Oct

-09

03-N

ov-0

901

-Dec

-09

05-J

an-1

002

-Feb

-10

02-M

ar-1

006

-Apr

-10

04-M

ay-1

001

-Jun

-10

06-J

ul-1

003

-Aug

-10

01-S

ep-1

015

-Sep

-10

05-O

ct-1

019

-Oct

-10

02-N

ov-1

016

-Nov

-10

01-D

ec-1

015

-Dec

-10

04-J

an-1

118

-Jan

-11

01-F

eb-1

115

-Feb

-11

01-M

ar-1

115

-Mar

-11

05-A

pr-1

119

-Apr

-11

03-M

ay-1

117

-May

-11

01-J

un-1

115

-Jun

-11

05-J

ul-1

119

-Jul

-11

02-A

ug-1

116

-Aug

-11

06-S

ep-1

120

-Sep

-11

04-O

ct-1

118

-Oct

-11

in t

0 250 500 750

1 0001 2501 5001 7502 0002 250

2 5002 7503 0003 2503 5003 750

4 0004 2504 5004 750

in U

S$

Contract 1 (month + 2) Contract 2 (3 months after month + 2)

Contract 3 (3 months after month + 5) Weighted average price

milk market situation brussels, 20 october 2011

Documents

eurostatmarket situation

itmarket situation

usdamarket situation

ms communications

dk missingmarket situation

lto websitemarket situation

milk market situationbrussels

eurostat newcronosdata