FAO Dairy Price Index

The FAO Dairy Price Index averaged 119.6 points in April, down 1.3 points (1.1 percent) from March, while remaining 32.1 points (21.2 percent) below its level a year earlier. The decline was mainly driven by lower international quotations for butter and cheese, which more than offset continued increases in the prices of skim milk powder (SMP), while whole milk powder (WMP) prices remained broadly stable. Butter prices declined after two consecutive monthly increases, while cheese prices continued their downward trend, mainly reflecting abundant milk supplies in the European Union amid peak seasonal production and stronger-than-expected late-season output in Oceania. These conditions boosted cream availability and supported higher cheese output. Continued competitive pressure in international markets also weighed on quotations, particularly for cheese. By contrast, SMP prices extended their upward trend, reaching their highest level since October 2022, supported by strong import demand from North Africa, the Near East and Southeast Asia. Meanwhile, WMP prices remained broadly unchanged, as declines in Oceania—linked to ample export availability and subdued demand from key markets, including China—were offset by firmer quotations in the European Union.

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