The FAO Dairy Price Index - February 2015
The FAO Dairy Price Index averaged 181.8 points in February, up 8 points (4.6 percent) from its January value – representing its first gain since February last year. Whole milk powder registered the strongest increase, followed by skimmed milk powder and butter; cheese quotations remained unchanged. A drought-induced fall in milk output in New Zealand, combined with limited export supplies in Australia, is the principal cause for the sudden rise in world dairy prices. Additionally, milk production in the European Union as a whole is being curbed to avoid over-quota levies, as the April-March quota year draws to a close, also contributing to the renewed price strength.
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