FAO Dairy Price Index

The FAO Dairy Price Index averaged 119.1 points in September, down by 0.2 points (0.1 percent) from August. Declines in cheese prices were almost offset by increases in milk powder quotations, while butter prices changed little. The index remained 19.1 percent below its level a year earlier. While skim milk powder quotations stood 33.1 percent above their year-earlier level, cheese and butter prices were substantially lower. Milk powder prices rose across major origins, supported by sustained import demand, particularly from Asia, and limited availability for prompt delivery. In Oceania, firm buying interest more than offset downward pressure from seasonally larger milk production. Cheese prices declined across the major exporting regions. The trend was driven mainly by developments in the European Union, where weaker buying interest and strong competition from abundant export supplies from the United States of America weighed on prices. Increasing seasonal export availability in Oceania added further downward pressure. By contrast, butter prices were on average little changed, as lower export quotations in Oceania were largely offset by firmer prices in Europe due to limited milkfat availability following a hot and dry summer.

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