FAO Dairy Price Index

The FAO Dairy Price Index averaged 119.2 points in May, down 0.5 points (0.5 percent) from April and 34.5 points (22.4 percent) below its level a year earlier. International butter prices continued to decline in both Europe and Oceania, as improved milkfat availability and heightened competition among major exporters weighed on quotations. Cheese prices eased only marginally as ample export availability and intensified competition on international markets were partly offset by continued support from whey and dairy protein markets, which helped sustain values in major exporting regions. By contrast, skim milk powder prices increased further, particularly in Europe, supported by firm import demand from the Near East, North Africa, and parts of Asia. Whole milk powder prices showed mixed developments, with modest increases in Oceania, supported by seasonally tightening export availability following the production peak and continued demand from Southeast Asia and the Near East, largely offset by lower European quotations reflecting subdued demand from China and generally comfortable global supplies.

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