WORLD DAIRY NEWS FAO Dairy Price Index – May 2023-down by 3.2%
The FAO Dairy Price Index averaged 118.7 points in May, down 3.9 points (3.2 percent) from April and standing 25.5 points (17.7 percent) below its corresponding value in 2022.
The decline in May was led by a steep drop in international cheese prices, principally due to ample export availabilities, including from inventories, amid seasonally high milk production in the northern hemisphere. Following 10 monthly consecutive declines, international price quotations for milk powders rebounded, reflecting an upturn in purchases by North Asian buyers and seasonally falling milk supplies in Oceania.
Meanwhile, butter prices rose slightly, as increased price quotations for supplies from Oceania, due to high purchases by Southeast Asian buyers and seasonally falling milk supplies, were almost offset by a decline in European prices on high export availabilities.