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Archive for skim milk powder prices

New Zealand Dairy Powerhouse: Record Milk Production and Rising Profits

Wednesday, September 25th, 2024

New Zealand’s dairy industry is setting new records with increased milk production and higher profits. What does this mean for dairy farmers and the market?

Summary:

New Zealand‘s dairy sector is experiencing significant growth this season, with milk production and solids up 7.6% and 8.3%, respectively. This growth is fueled by favorable weather in the North Island and a strong performance by Fonterra, which has announced increased milk prices and substantial dividends. August saw a rise to 2.9 billion pounds of milk due to ideal conditions, and Fonterra’s final milk price for 2023-24 at $7.83/kgMS, with a proposed 55¢ dividend. The updated Farmgate milk price for 2024-25 is expected to range between $8.25 and $9.75/kgMS. The industry is set for continued prosperity with rising global dairy prices and free trade agreements.

Key Takeaways:

  • Milk production in New Zealand is up by 7.6%, and milk solids are up by 8.3% compared to the previous season.
  • Fonterra announced a final milk price of $7.83/kgMS for the 2023-24 fiscal year, with a dividend of 55¢ per share.
  • The forecasted farmgate milk price for 2024-25 ranges from $8.25 to $9.75/kgMS, indicating a positive outlook.
  • New Zealand dairy prices are rising, driven by global market trends, with recent skim and whole milk powder prices hitting significant highs.
  • Focus on the business-to-business segments of Foodservice and Ingredients suggests strategic shifts within Fonterra.
  • Producers are experiencing higher paychecks due to favorable market conditions and increased milk production.
New Zealand dairy industry, milk production increase, Fonterra milk price, dairy profitability 2023, global dairy market, free trade agreements, skim milk powder prices, dairy employment New Zealand, geopolitical impact on dairy, Kiwi farmers profits

Have you ever wondered what it takes to produce approximately 2.9 billion pounds of milk monthly? That is precisely what New Zealand’s dairy farmers did in August, setting a new industry standard that is not just impressive, but also significant. Furthermore, milk solids increased by more than 10% over the same month last year. Kiwi dairy farmers are reaping the rewards of their hard work, as shown not just by statistics. What does New Zealand’s increasing milk output and profitability imply for you and your business?

MonthMilk Production (Billion Pounds)Milk Solids (Million Pounds)YoY Change in Milk Production (%)YoY Change in Milk Solids (%)
August 20232.66248––
August 20242.92739%10%

Three Months In New Zealand’s Dairy Sector Breaks Records

Only three months into the milking season, there has been a considerable increase in output—milk production is up 7.6%, and milk solids are up 8.3% from the 2023-24 season. That’s a massive jump for the industry!

To put things in perspective, Kiwi cows generated roughly 2.9 billion pounds of milk in August alone. That is a massive 9% rise over August 2023. Milk solids increased by 10% from the previous August, reaching over 273 million pounds. According to Dairy Market News, the increase in output is primarily attributable to excellent weather conditions on the North Island.

These figures are more than statistics; they represent New Zealand’s dairy sector’s strength and promise. With such encouraging data, producers have reason to be enthusiastic this season.

Ideal Weather: The Secret Sauce Behind North Island’s Milk Surge 

What’s causing the fantastic increase in milk quantities, particularly on the North Island? It is primarily due to the weather, a factor that we should all appreciate. Favorable weather can make or break a season, and Mother Nature has been exceptionally kind this year. The mild temperatures and abundant rains have created an excellent climate for pastures to thrive. Good pastures result in healthy and productive cows, and this is a significant factor in the industry’s current success.

You know how a rigid feeding regimen might affect milk supply, right? The natural availability of high-quality fodder has decreased the need for additional feed, saving farmers money and providing cows with better diets. This combination of high-quality pasture and cheaper feed costs paves the way for greater milk output.

Furthermore, a consistent environment decreases stress for the animals. More constant circumstances result in fewer extremes, which may harm a herd’s health and output. Happy, healthy cows generate more milk. It’s a simple yet profound equation: more excellent weather = higher pastures and milk yield.

Imagine running a dairy farm without regularly dealing with adverse weather. This degree of consistency significantly contributes to the record-breaking productivity we are seeing. Consequently, New Zealand’s good fortune with the weather has immediately translated into larger tanks and better yields.

More Milk, More Money: Fonterra’s Record Payout to Kiwi Farmers

It’s no secret that more production frequently results in bigger paychecks, and this season’s record-breaking productivity is no exception. Let us break it down: Fonterra has set a final milk price of $7.83 per kilogram of milk solids (kgMS) for the 2023-24 season, a strong figure already indicating excellent profitability. In addition, the company is proposing a 55¢ dividend per share, potentially increasing total profits to $8.38/kgMS for producers.

CEO Miles Hurrell expressed his satisfaction, stating, “Despite a drop in earnings from fiscal year 2023, we maintained the positive momentum in fiscal year 2024 and delivered earnings at the top end of our forecast range” [source]. The cooperative’s method is paying off handsomely for Kiwi dairy producers.

Looking Ahead: What’s Driving the Updated Farmgate Milk Price for 2024-25? 

What is driving the latest farmgate milk price for the 2024-25 season, which is expected to range between $8.25 and $9.75 per kgMS? The results show a 50¢ gain at both ends of the spectrum, indicating a surge of confidence in the business. But there’s more to this tale.

For Fonterra, this pricing approach is more than simply good fortune. It demonstrates a robust and strategic emphasis on their B2B areas, such as Foodservice and Ingredients. By focusing on these high-margin sectors and divesting some of its worldwide consumer brands, Fonterra hopes to improve its financial health and provide even higher returns to its members.

So, what exactly does this imply for you? Higher prices indicate more active markets and demand, resulting in more significant wages. North Island’s output miracles may become the norm if weather conditions remain favorable. That’s not just excellent news; it’s a bright future for dairy producers trying to make the most of their efforts.

Global Trade Winds: Navigating New Zealand’s Dairy Boom

The global dairy market is dynamic and constantly evolving. With its recent increase in milk production, New Zealand plays an important role. Have you considered how international trade agreements and geopolitics influence our industry?

New Zealand’s global influence is also evident in its free trade agreements, including those with China and the Pacific Alliance. These agreements provide access to markets with lower tariffs and restrictions, a significant advantage in the complex dairy sector. For example, tariffs imposed by Middle Eastern nations on European Union (EU) dairy exports create opportunities for New Zealand to fill the gap, demonstrating the country’s global reach in the industry.

However, not everything is smooth sailing. Geopolitical disputes between key global entities such as the United States and China increase market instability. These conflicts may impact everything from taxes to shipping routes, disrupting trade operations. Nonetheless, New Zealand’s dairy industry has proven its resilience, successfully navigating these rough seas and enhancing its worldwide status. This resilience should reassure us all about the industry’s future.

But how does New Zealand’s dairy industry rank globally? The island country is famous for its high-quality, grass-fed dairy products, which have grown very popular. Countries turn to New Zealand for quantity and quality, particularly whole milk powder and butter.

In a situation where global demand for dairy is expanding, New Zealand’s capacity to produce more milk while strengthening trade links puts it in a strong position. The potential for future growth is exciting, especially when other areas struggle with decreased production. This optimistic outlook is something we can all look forward to.

Will New Zealand continue to set records and surpass its competitors? Only time will tell, but the present signs seem encouraging.

Riding the Wave: A Look at Global Dairy Prices 

Let’s discuss global dairy pricing. There has been a considerable increase over the previous several months. Skim milk powder, for example, reached its highest price since February 2023 at last week’s sale. Whole milk powder prices rose dramatically, reaching more than $3,400/MT in two of the previous three Global Dairy Trade events. That is the highest level seen since December 2022.

So, what exactly does this imply for New Zealand? Kiwi dairy prices are somewhat lower than worldwide norms but benefit from the global price spike. This tendency might be beneficial for New Zealand’s growers. Despite increased output, global supply remains limited. If this trend continues, prices might rise even more, increasing earnings for New Zealand’s dairy producers.

Milking Prosperity: Dairy’s Crucial Role in New Zealand’s Economy 

Dairy is a significant contributor to New Zealand’s economy. Have you ever considered how important this industry is? Let’s go into some numbers. The dairy business employs more than 40,000 people and indirectly supports 50,000 jobs. Dairy production employs roughly 5% of the country’s workforce.

The industry’s contribution to GDP is similarly substantial. In 2023, the dairy industry contributed roughly NZD 18 billion to New Zealand’s GDP or almost 6% of total economic production. The economic impact is even more significant when you include the ripple effect on allied businesses like feed, equipment, and transportation.

Exports are where the dairy business thrives. Dairy products account for around 28% of New Zealand’s total exports, bringing in more than NZD 20 billion yearly. Dairy accounts for over one-third of New Zealand’s total export revenue. It is not an exaggeration to argue that dairy’s success feeds the whole economy.

Would New Zealand be the same without its thriving dairy industry? Certainly not. The industry’s high productivity and considerable export value are critical to ensuring economic stability and expansion. With global dairy demand increasing, the success of New Zealand’s dairy farmers is inextricably linked to the country’s economic fortunes.

The Bottom Line

The dairy sector in New Zealand is celebrating several remarkable successes. The near future is positive, with milk output and solids much higher than the previous season, and the excellent North Island weather is facilitating this expansion. Fonterra has sweetened the deal with record rewards and a strong projection for the next season, indicating a positive outlook. Rising global dairy prices also help Kiwi farmers, indicating even higher profits.

The excitement around New Zealand’s dairy industry is undeniable. But, with global industries constantly altering, one has to wonder: Can New Zealand maintain its rising pace in the face of global uncertainties?

Learn more: 

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Bullvine Daily is your essential e-zine for staying ahead in the dairy industry. With over 30,000 subscribers, we bring you the week’s top news, helping you manage tasks efficiently. Stay informed about milk production, tech adoption, and more, so you can concentrate on your dairy operations. 

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0.8% Increase in Prices, Highlights from the Latest Global Dairy Trade Event 364

Tuesday, September 17th, 2024

Explore the latest trends from Global Dairy Trade Event 364. How will a small price hike impact your dairy business? Read our expert analysis now.

global dairy trade, mozzarella cheese prices, lactose market trends, cheddar cheese increase, skim milk powder prices, whole milk powder trends, dairy market stability, dairy commodity prices, export dairy market, food service industry demand

Summary:

On September 17, 2024, the Global Dairy Trade (GDT) event 364 saw a modest increase in the price index by 0.8%, reflecting a cautiously optimistic market trend. Significant gains were noted in Mozzarella cheese (up 4.5% to $5,351/metric ton), lactose (up 3.5% to $896/metric ton), and modest increases in skim and whole milk powders, while butter and anhydrous milk fat prices saw a decline. 

Key Takeaways:

  • Global Dairy Trade index rose by 0.8% in the latest auction.
  • Notable price increases for mozzarella, lactose, and cheddar cheese.
  • Whole milk powder and skim milk powder also saw price hikes.
  • Butter and anhydrous milk fat prices decreased.
  • 127 winning bidders purchased a total of 38,814 metric tons of dairy products.
  • Irish milk processors have raised August milk prices in response to market dynamics.
  • Increases driven by strengthening cheese markets and positive dairy market recovery.
  • The latest auction continued to show constrained global dairy supply.
global dairy trade, mozzarella cheese prices, lactose market trends, cheddar cheese increase, skim milk powder prices, whole milk powder trends, dairy market stability, dairy commodity prices, export dairy market, food service industry demand

On Tuesday, the Global Dairy Trade (GDT) index rose 0.8%, a seemingly tiny shift with substantial repercussions. The September 17, 2024, auction resulted in a 4.5% increase in mozzarella cheese costs, a 3.5% increase in lactose, and mild increases in skim and whole milk powder. On the negative, butter and anhydrous milk fat prices dropped. With 127 successful bidders acquiring 38,814 metric tons of dairy products in 16 bidding rounds, the most recent GDT event provides enough to analyze. Our careful analysis of these results will provide you with a comprehensive understanding of what these numbers mean to you.

Here’s a detailed breakdown of the price changes for various dairy products. 

ProductPrice Change (%)New Price (per metric ton)New Price (per pound)
Mozzarella Cheese+4.5%$5,351$2.42
Lactose+3.5%$896$0.40
Cheddar Cheese+2.9%$4,441$2.01
Skim Milk Powder+2.2%$2,809$1.27
Whole Milk Powder+1.5%$3,448$1.56
Anhydrous Milk Fat-1.2%$7,220$3.27
Butter-1.7%$6,546$2.96

Auction Insights: Modest Gains Fuel Dairy Market Stability

The Global Dairy Trade (GDT) Event 364 took place on September 17, 2024. A total of 185 bidders competed, with 127 winning offers. The event sold 38,814 metric tons of dairy goods during 16 bidding rounds. The GDT index increased by 0.8% from 1,142 to 1,150 points. This minor increase signifies a sustained stability trend in the global dairy market, instilling cautious optimism for farmers and investors.

Fundamental Price Changes: A Closer Look 

In this trading session, mozzarella cheese had the most significant price gain, rising by 4.5% to $5,351 per metric ton ($2.42 per pound). This is a considerable increase over the last auction, demonstrating strong demand for this versatile commodity.

Lactose followed soon after with a 3.5% hike, raising its price to $896 per metric ton ($0.40/pound), a healthy increase over the previous event.

Cheddar cheese prices increased significantly, up 2.9% to $4,441 per metric ton ($2.01 per pound). The cheddar category is doing vigorously, showing strong market fundamentals.

Skim milk powder (SMP) prices rose by 2.2% to $2,809 per metric ton ($1.27 per pound), a positive indicator given SMP’s vital position in the dairy sector.

Whole milk powder (WMP) contributed to the total price rise by 1.5%. It is now valued at $3,448 per metric ton ($1.56 per pound). Although small, this increase highlights the consistent need for WMP.

Detailed Analysis of Each Product 

  • Mozzarella Cheese: The 4.5 percent increase in mozzarella pricing to $5,351 per metric ton indicates strong demand. Key factors include rising worldwide consumption, driven mainly by the food service industry. Mozzarella’s versatility in culinary uses, including pizzas and salads, makes it popular throughout North America and Europe. Export markets with favorable trade circumstances also help to drive this growing trend.
  • Lactose: Lactose witnessed a 3.5% rise, reaching $896 per metric ton. This is primarily due to the increased use of lactose in newborn formula and sports nutrition products. The growing health awareness of consumers has enlarged the lactose market, notably in Asia and the Middle East. Furthermore, the steady demand from the pharmaceutical industry supports its market price.
  • Cheddar Cheese: Cheddar prices rose 2.9% to $4,441 per metric ton. Cheddar is durable due to its shelf-stable qualities, vast customer base, and consistent demand from the retail and food service industry. The recent demand for premium and aged cheddar variations has also raised the average price.
  • Skim Milk Powder (SMP): SMP prices climbed by 2.2%, reaching $2,809 per metric ton. The increase may be attributed to essential export nations experiencing supply restrictions due to severe weather conditions hurting milk production. Furthermore, rising demand from Southeast Asia and Africa for high-protein dairy products is crucial.
  • Whole Milk Powder (WMP): The 1.5% increase in WMP to $3,448 per metric ton is due to strong import demand from China and Latin America, where whole milk powder is standard in many diets. Geopolitical issues and beneficial trade agreements contribute to these price increases.

Factors Behind Price Decreases 

  • Anhydrous Milk Fat (AMF): Prices for AMF declined 1.2% to $7,220 per metric ton. This decline is partly due to increasing production and storage in key dairy-producing nations, which resulted in a surplus. Furthermore, evolving consumer preferences toward plant-based fat substitutes in critical countries such as the United States and Europe put downward pressure on AMF pricing.
  • Butter: Butter prices fell 1.7% to $6,546 per metric ton, indicating an oversupply. Increased milk fat yields owing to better dairy nutrition practices and stock conservation from prior eras contribute to this reduction. Butter replacements’ increasing market penetration impacts their conventional market share.

The Ripple Effect: How Global Dairy Trade Prices Shape Local Markets 

Changes in global dairy trade (GDT) auction prices substantially impact regional markets. Take the Irish milk processors as an example. The slight increase in pricing at the most recent GDT event caused firms such as Dairygold and Carbery to raise their milk prices for August supply. Why? Because they see good tendencies in global market dynamics and want to take advantage of them.

Dairygold raised the stated milk price by 1.19c/l, excluding VAT, to 43.65c/l. This is not a haphazard change but a deliberate reaction to the market’s ongoing excellent returns and vigorous purchasing activity. A spokeswoman stated: “Dairy market returns continue to be positive, with market prices improving as buying activity increases and global supply remains constrained.”

Similarly, Carbery moved substantially by increasing its introductory milk price for August by 3c/l, minus VAT, to 44.28c/l. What is their rationale? Cheese markets are becoming more robust, and the dairy business is recovering and doing well overall. “This increase in milk price is driven by strengthening markets for cheese and continuing positive dairy market recovery and performance,” according to Carbery.

These regional price modifications by Dairygold and Carbery highlight the interdependence of global market movements and local pricing tactics. It demonstrates that even small changes in auction prices may have a knock-on impact, affecting grassroots choices.

Market Implications: What These Price Changes Mean for You 

The modest uptick in the GDT price index, particularly in mozzarella and lactose, signals a cautious yet positive trend in the dairy sector. This should instill a sense of optimism and hope for you, the dairy farmer or the supplier to the industry, as it suggests a potential for increased profitability and growth in the near future. 

  • A Boost for Dairy Farmers: Higher pricing for mozzarella and lactose provides some respite to dairy producers. Farmers should anticipate increased income streams as cheddar, skim, and whole milk powder gain popularity. These small price increases help dairy producers sustain their earnings. It is an encouraging indicator in the face of global supply restrictions.
  • Opportunities for Suppliers: Companies that sell dairy products, such as feed, equipment, and technology, stand to benefit as farmers become more willing to spend. The recent increase in milk pricing by processors such as Dairygold and Carbery supports this attitude. With a more robust market for cheese and milk powders, producers will most likely reinvest in their enterprises. This creates a fertile environment for providers to deliver sophisticated solutions.
  • Beneath the Surface: Analyzing Demand and Supply: While price rises are desirable, analyzing the underlying causes is essential. Prices are growing as demand gradually increases against a background of tight supply. However, the drops in anhydrous milk fat and butter prices remind us that the market is still unpredictable. Disrupted manufacturing cycles continue to impact global supply networks, influencing inventory levels and, as a result, pricing.

The Bottom Line

The recent Global Dairy Trade auction showed a slight overall gain of 0.8% in the price index, led by significant increases in mozzarella and lactose prices, among other things. While certain items like butter and anhydrous milk fat saw price drops, the increase suggests a steady market condition. This auction demonstrates the volatile nature of global dairy pricing and the vital necessity for industry stakeholders to monitor such occurrences actively.

Learn more:

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Bullvine Daily is your essential e-zine for staying ahead in the dairy industry. With over 30,000 subscribers, we bring you the week’s top news, helping you manage tasks efficiently. Stay informed about milk production, tech adoption, and more, so you can concentrate on your dairy operations. 

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Global Dairy Trade Index Dips: Price Surge in Butter, Skim Milk Powder, and Anhydrous Milk Fat

Wednesday, June 19th, 2024

Understand the 0.5% drop in the Global Dairy Trade index, even though butter and skim milk powder saw price increases. What does this mean for the dairy industry’s future?

anhydrous milk fat price

The Global Dairy Trade (GDT) index is a crucial barometer for dairy prices worldwide, reflecting supply and demand dynamics within the dairy industry. It’s significant as it guides stakeholders, from farmers to large dairy corporations, in making informed decisions. On Tuesday, the GDT index experienced a slight dip, falling by 0.5% during the trading session.

ProductPrice (per metric ton)Change (%)
Butter$7,350+6.2%
Lactose$801+1.9%
Skim Milk Powder$2,766+0.7%
Cheddar Cheese$4,205-1.0%
Anhydrous Milk Fat$7,317+1.2%
Whole Milk Powder$3,394-2.5%

The latest trading session saw mixed performances across different dairy products. Specifically, the GDT index fell 0.5%, indicating a slight overall decline. While prices were up for butter, lactose, and skim milk powder, this positive trend was counterbalanced by decreases in anhydrous milk fat, Cheddar cheese, and whole milk powder. Additionally, buttermilk powder and Mozzarella cheese were not traded during this session.

Butter saw a substantial increase, climbing 6.2% to $7,350 per metric ton, translating to $3.33 per pound. Lactose experienced a rise of 1.9%, reaching $801 per metric ton, or $0.36 per pound. Skim milk powder also went up by 0.7%, priced at $2,766 per metric ton, or $1.25 per pound. 

Conversely, anhydrous milk fat fell 2.5% to $7,317 per metric ton, or $3.31 per pound. Cheddar cheese decreased by 1% to $4,205 per metric ton, equivalent to $1.90 per pound. Whole milk powder dropped 1.7% to $3,394 per metric ton, or $1.53 per pound.

Interestingly, both buttermilk powder and Mozzarella cheese were notably absent from Tuesday’s trading session. This lack of availability could potentially tighten supply chains, leading to increased prices for these products in future sessions. With fewer items on offer, winning bidders might have concentrated their purchasing power on the other available products, slightly shifting market dynamics. Keeping an eye on future sessions where these products are reintroduced could provide valuable insights into their influence on overall market trends.

This session saw robust activity, with 106 winning bidders engaging in 21 rounds of competitive bidding. Collectively, these participants procured an impressive 16,787 metric tons of dairy products. Such high levels of participation demonstrate strong demand, despite the slight decline in the overall Global Dairy Trade index.

Let’s dive into the specifics of the pricing changes for each product: 

Butter: Butter prices saw a significant increase of 6.2%, rising to $7,350 per metric ton, or $3.33 per pound. This notable rise indicates a strong demand for butter on the market. 

Lactose: Lactose experienced a modest increase of 1.9%, bringing the price to $801 per metric ton, or $0.36 per pound. This reflects a steady interest in lactose from buyers. 

Skim Milk Powder: This product observed a healthy upward trend of 3.0%, with prices reaching $2,766 per metric ton, or $1.25 per pound. The rise in skim milk powder prices showcases its growing demand. 

Cheddar Cheese: Despite other product price increases, Cheddar cheese saw a slight decline of 1%, dropping to $4,205 per metric ton, or $1.90 per pound. This minor dip could suggest a fluctuation in market preference or supply. 

Anhydrous Milk Fat: This commodity reported a small bump of 0.9% in its pricing, now at $7,317 per metric ton, or $3.31 per pound. The marginal increase points to a consistent demand for anhydrous milk fat. 

Whole Milk Powder: Whole milk powder prices fell by 1.7%, decreasing to $3,394 per metric ton, or $1.53 per pound. The decline could indicate a shift in buyer preference or market dynamics. 

These variances in product pricing highlight the dynamic nature of the global dairy market, influenced by fluctuating supply and demand factors.

In summary, the Global Dairy Trade index took a slight dip of 0.5%, reflecting a mixed bag of price changes across various dairy products. Notably, butter saw a significant increase of 6.2%, while Cheddar cheese and whole milk powder experienced declines of 1% and 2.5%, respectively. These fluctuating prices underscore the dynamic and often unpredictable nature of the dairy market. 

Looking ahead, these changes may signal a period of adjustment within the global dairy market. The rise in prices for products like butter and anhydrous milk fat suggests a strong demand in specific segments, whereas the drop in whole milk powder and Cheddar cheese prices could indicate potential oversupply or shifting consumer preferences. As market participants continue to navigate these fluctuations, staying informed and adaptable will be key to leveraging opportunities and mitigating risks.

Key Takeaways:

  • The Global Dairy Trade index dropped by 0.5% in the latest trading session.
  • Butter, lactose, and skim milk powder prices increased.
  • Prices fell for anhydrous milk fat, Cheddar cheese, and whole milk powder.
  • Buttermilk powder and Mozzarella cheese were not available in this session.
  • 106 winning bidders purchased a total of 16,787 metric tons of dairy products.
  • Price highlights include butter at $7,350 per metric ton and Cheddar cheese at $4,205 per metric ton.

Summary:

The Global Dairy Trade (GDT) index fell by 0.5% during the trading session, but butter prices increased by 6.2% to $7,350 per metric ton. Lactose prices rose by 1.9% to $801 per metric ton, skim milk powder prices rose by 0.7% to $2,766 per metric ton, anhydrous milk fat prices fell by 2.5% to $7,317 per metric ton, cheddar cheese prices decreased by 1% to $4,205 per metric ton, and whole milk powder prices dropped by 1.7% to $3,394 per metric ton. The absence of buttermilk powder and Mozzarella cheese from Tuesday’s trading session may tighten supply chains and lead to increased prices in future sessions.

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