March 2, 2023: Dairy Week In Review

Global Dairy Trade (GDT), EU, and U.S. milk prices for butter, cheese, and nonfat dry milk/skim milk (NDM/SMP) are relatively similar. Cheese and NDM/SMP prices among these three markets are within 15 cents per pound of each other. Cheese is the only category that continues to provide the U.S. with a slight advantage, with an average January price (for cheddar, 40-pound blocks) of  $1.96 per pound compared to $2.21 per pound for GDT and $2.27 per pound in the EU. U.S. powder production has picked up over the last few months as U.S. milk production has ticked up over  the same period. The major thing holding powder exports back during 2022 was not price-related but supply-related. Read More