The FAO Dairy Price Index averaged 116.0 points in August, down marginally from July but still 13.9 points (13.6 percent) above its value in the corresponding month last year. In August, international quotations for milk powders fell, reflecting the continued weakness in global import demand for spot supplies combined with seasonally rising export availabilities in Oceania during the new production season.
By contrast, price quotations for cheese rose, underpinned by increased internal demand and tightened supplies in Europe, offset by a slight decline in prices in Oceania on rising production. Butter prices also rose slightly, pressured by high import demand from East Asia for near-term deliveries.
