Colors reflect world market price movements in the week prior to publishing. Grey is 'no change' and in case of a white block, there is no information about price movements.
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Strong preference for Oceania origins pushes prices up despite growing export availability in the EU and the US
Market sentiment remains overall quite bullish since buyers are actively chasing product in all major dairy markets. The logistic challenges caused by the Iran war do not help to calm the buyside down. In the meantime, supply fundamentals remain overall very strong apart from Oceania getting closer to the down season. Buyers in the Asia Pacific market continue to prefer Oceania origins despite growing volumes on offer at very competitive prices in both the EU and the US. The weak supply conditions in the EU over the last few years appear to have eroded the brand value of the EU as a reliable exporter with stable export availability. Now that exports are needed again to balance the local EU market, buyers are sometimes difficult to convert back to EU origins in certain product categories.
Exchange rates used in this document: Jan EUR 1 = USD 1.167; Feb EUR 1 = USD 1.185; Mar EUR 1 = USD 1.162