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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A year of tight supply conditions on the global market appears to come to an end in the remainder of 2025
Trade activity is still minimal due to the holidays and price momentum is therefore mostly difficult to read, but market participants are already looking forward to events to come in late August and early September. In terms of fundamentals milk availability looks a lot better than last year when buyers were caught by surprise due to diseases like Bluetongue and Avian Flu that curbed milk production in both the EU and the US. The US is building to significantly higher growth rates, Oceania prepares for a strong start of the season, Latin America is on the road to recovery and even in the EU signals are getting stronger that the market tightness is coming to an end. Many buyers still have some catching up to do and China is no longer going backwards in terms of dairy imports, but it still feels like the buyside will have many options to choose from as Q4 approaches.
Exchange rates used in this document: Jun EUR 1 = USD 1.143; Jul EUR 1 = USD 1.177; Aug EUR 1 = USD 1.161