CLAL - Advisory in Dairy and Food Product

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China: recovery after lockdown and trade agreements with the U.S.

This edition of CLAL Lens aims to quantify:

the recovery of China’s imports after the lockdown implemented to face the spread of Coronavirus, and
the effect of the recent trade agreements with the United States

The information is reported both in terms of volumes and value, with real-time updates.

Check out the China imports with breakdown by dairy product >

Flash Bulletins on the Dairy Market

Reports on specific topics to find engaging answers to market questions

Flash Bulletins on the Dairy Market

Reports on specific topics to find engaging answers to market questions.

August 31, 2018

A new Flash Bulletin will be available soon...

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Related Charts

Market News

World

US: Butter stock	In aumento	+12,71%
US: Cheese stock	In aumento	+0,97%
US: Cheese 40# Blocks price	In aumento	+4,28%
US: Butter, Grade AA price	In aumento	+0,89%
South America: Skim Milk Powder (SMP) price	In aumento	+9,68%
South America: Whole Milk Powder (WMP) price	In aumento	+6,06%

Europe

Austria: Farm gate milk price	In calo	-5,38%
Western Europe: Whey Powder Sweet price	In aumento	+13,04%
Western Europe: WMP price	In calo	-0,61%
Western Europe: SMP price	In calo	-0,80%
Western Europe: Butter price (82%)	In calo	-6,76%
Poland: Butter price (82%)	In calo	-1,92%

Italy

IT, Verona: Spot milk price	In aumento	+1,64%
IT, Verona: foreign Whole Spot Milk price	In calo	-3,85%
IT, Verona: foreign Skim Spot Milk price	In calo	-14,29%
IT, Milan: Mascarpone price	In calo	-2,13%
IT, Milan: Parm Regg PDO (12 months ) price	In aumento	+0,67%
IT, Milan: Parm Reg. PDO (30 months) price	In aumento	+0,53%

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AGRICULTURAL MARKET News
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Information Note

Market News evidences only the changes; should no price change or no quotation take place, any mention will be made.
The change/variation concerning PRODUCTION/OUTPUT quantity refers to the same period of the previous year.
The change/variation concerning STOCK quantity refers to the previous month.
The change/variation of price refers to PRICES expressed in local currency (for both EU and the World). The change refers to the previous week/month/year, as the case may be. In the case of dual-listed (min and max), changes are calculated using the MAX PRICE.

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Milk - Balance sheet in Mio Tons \| Year 2026 (Forecast made in December)
Country	Cow Milk Production		Other Milk Production		Fluid Domestic Consumption		Factory Use
World	565.43	+0.7%	124.58	+2.2%	197.32	+0.8%	488.05	+1.1%
India	105.40	+2.1%	116.00	+2.4%	93.00	+2.2%	128.37	+2.3%
Share %	18.6%		93.1%		47.1%		26.3%
EU-27	144.80	-0.5%	4.15	-0.5%	23.00	-0.9%	125.68	-0.3%
Share %	25.6%		3.3%		11.7%		25.8%
United States	106.19	+1.2%	0.00	0.0%	20.00	-1.0%	85.55	+1.7%
Share %	18.8%		0.0%		10.1%		17.5%
China	40.60	0.0%	0.91	+1.1%	15.70	+0.7%	26.43	-0.4%
Share %	7.2%		0.7%		8.0%		5.4%
Russia	33.90	-0.3%	0.00	0.0%	7.03	-0.4%	25.28	0.0%
Share %	6.0%		0.0%		3.6%		5.2%
Source: USDA, Latest update: 2025-12-20

Milk - Balance sheet in Mio Tons \| Year 2026 (Forecast made in June)
World	-	-	-	-	-
India	-	-	-	-	-
EU-27	-	-	-	-	-
United States	-	-	-	-	-
China	-	-	-	-	-
Russia	-	-	-	-	-
Source: USDA, Latest update: 2025-12-20

Milk - Balance sheet in Mio Tons \| Year 2025
World	561.27	+1.2%	121.85	+2.2%	195.69	+0.6%	482.61	+1.7%
India	103.20	+2.2%	113.30	+2.3%	91.00	+2.2%	125.48	+2.3%
Share %	18.4%	93.1%	46.2%	26.2%
EU-27	145.50	-0.4%	4.17	-2.3%	23.21	-1.3%	126.10	-0.3%
Share %	26.0%	3.4%	11.8%	26.3%
United States	104.96	+2.4%	0.00	0.0%	20.20	-1.0%	84.13	+3.3%
Share %	18.8%	0.0%	10.3%	17.5%
China	40.60	-0.5%	0.90	+7.1%	15.59	-0.7%	26.55	-0.2%
Share %	7.3%	0.7%	7.9%	5.5%
Russia	34.00	-0.2%	0.00	0.0%	7.05	-0.4%	25.28	-0.2%
Share %	6.1%	0.0%	3.6%	5.3%
Source: USDA, Latest update: 2025-12-20

Butter - Balance sheet in Mio Tons \| Year 2026 (Forecast made in December)
World	0.25	-6.3%	12.62	+2.4%	0.67	+1.8%	1.12	-4.8%	12.19	+3.1%	0.24	-4.0%
India	0.00	0.0%	7.44	+3.4%	0.00	0.0%	0.09	+3.7%	7.35	+3.4%	0.00	0.0%
Share %	0.0%	59.0%	0.0%	8.0%	60.3%	0.0%
EU-27	0.00	0.0%	2.06	-1.4%	0.08	0.0%	0.23	-15.1%	1.91	+0.5%	0.00	0.0%
Share %	0.0%	16.3%	11.9%	20.5%	15.7%	0.0%
United States	0.09	-7.2%	1.15	+7.0%	0.08	+9.7%	0.09	-21.2%	1.14	+9.0%	0.10	+5.6%
Share %	36.0%	9.1%	11.9%	8.0%	9.4%	41.7%
New Zealand	0.04	-21.2%	0.54	0.0%	0.00	0.0%	0.52	0.0%	0.03	0.0%	0.03	-26.8%
Share %	16.0%	4.3%	0.0%	46.4%	0.2%	12.5%
Russia	0.02	0.0%	0.28	-0.7%	0.12	+6.2%	0.00	0.0%	0.39	+1.3%	0.02	0.0%
Share %	8.0%	2.2%	17.9%	0.0%	3.2%	8.3%
Source: USDA, Latest update: 2025-12-20

Butter - Balance sheet in Mio Tons \| Year 2026 (Forecast made in June)
World	-	-	-	-	-
India	-	-	-	-	-
EU-27	-	-	-	-	-
United States	-	-	-	-	-
New Zealand	-	-	-	-	-
Russia	-	-	-	-	-
Source: USDA, Latest update: 2025-12-20

Butter - Balance sheet in Mio Tons \| Year 2025
World	0.27	+5.1%	12.32	+2.8%	0.66	+6.1%	1.17	+12.6%	11.83	+2.3%	0.25	-6.3%
India	0.00	0.0%	7.19	+3.0%	0.00	+∞	0.08	+28.1%	7.11	+2.8%	0.00	0.0%
Share %	0.0%	58.5%	0.0%	7.1%	59.9%	0.0%
EU-27	0.00	0.0%	2.09	+0.1%	0.08	+82.9%	0.27	-2.6%	1.90	+2.4%	0.00	0.0%
Share %	0.0%	17.0%	11.8%	23.8%	16.0%	0.0%
United States	0.10	+6.6%	1.08	+6.0%	0.07	-31.4%	0.11	+145.7%	1.04	-2.4%	0.09	-7.2%
Share %	36.4%	8.8%	10.4%	9.7%	8.8%	38.5%
New Zealand	0.05	+36.8%	0.54	+3.9%	0.00	0.0%	0.52	+9.6%	0.03	0.0%	0.04	-21.2%
Share %	18.2%	4.4%	0.0%	45.9%	0.3%	17.1%
Russia	0.02	+33.3%	0.28	-1.1%	0.11	+4.6%	0.00	-50.0%	0.39	+2.1%	0.02	0.0%
Share %	7.3%	2.3%	16.3%	0.0%	3.3%	8.5%
Source: USDA, Latest update: 2025-12-20

Cheese - Balance sheet in Mio Tons \| Year 2026 (Forecast made in December)
World	1.07	+0.9%	23.19	+1.3%	2.28	-1.3%	3.32	+1.4%	22.15	+1.1%	1.07	+0.1%
EU-27	0.00	0.0%	10.81	+0.2%	0.19	-5.0%	1.37	-1.1%	9.63	+0.3%	0.00	0.0%
Share %	0.0%	46.6%	8.3%	41.3%	43.5%	0.0%
United States	0.62	+1.0%	6.80	+3.0%	0.15	+1.4%	0.62	+3.2%	6.32	+3.0%	0.63	+0.8%
Share %	57.9%	29.3%	6.6%	18.7%	28.5%	58.9%
Russia	0.04	0.0%	1.16	-0.4%	0.33	0.0%	0.03	-6.7%	1.46	-0.2%	0.04	0.0%
Share %	3.7%	5.0%	14.5%	0.9%	6.6%	3.7%
Brazil	0.00	0.0%	0.82	+1.9%	0.05	0.0%	0.00	+33.3%	0.87	+1.6%	0.00	0.0%
Share %	0.0%	3.5%	2.2%	0.0%	3.9%	0.0%
Argentina	0.06	+16.0%	0.56	+2.8%	0.00	0.0%	0.11	+2.9%	0.46	+5.3%	0.06	-5.2%
Share %	5.6%	2.4%	0.0%	3.3%	2.1%	5.6%
Source: USDA, Latest update: 2025-12-20

Cheese - Balance sheet in Mio Tons \| Year 2026 (Forecast made in June)
World	-	-	-	-	-
EU-27	-	-	-	-	-
United States	-	-	-	-	-
Russia	-	-	-	-	-
Brazil	-	-	-	-	-
Argentina	-	-	-	-	-
Source: USDA, Latest update: 2025-12-20

Cheese - Balance sheet in Mio Tons \| Year 2025
World	1.06	-2.6%	22.89	+1.2%	2.31	+3.9%	3.27	+4.7%	21.92	+0.8%	1.07	+0.9%
EU-27	0.00	0.0%	10.79	+0.1%	0.20	+7.0%	1.39	0.0%	9.61	+0.2%	0.00	0.0%
Share %	0.0%	47.3%	8.4%	42.7%	43.7%	0.0%
United States	0.61	-6.1%	6.60	+2.1%	0.14	-6.5%	0.60	+18.0%	6.14	-0.2%	0.62	+1.0%
Share %	59.5%	29.0%	5.9%	18.5%	27.9%	64.4%
Russia	0.04	0.0%	1.16	0.0%	0.33	+3.1%	0.03	-18.9%	1.46	+1.2%	0.04	0.0%
Share %	3.9%	5.1%	13.9%	0.9%	6.6%	4.2%
Brazil	0.00	0.0%	0.81	+3.2%	0.05	-17.5%	0.00	0.0%	0.85	+1.7%	0.00	0.0%
Share %	0.0%	3.6%	2.1%	0.0%	3.9%	0.0%
Argentina	0.05	-2.0%	0.54	+8.0%	0.00	+100.0%	0.10	+3.0%	0.43	+7.2%	0.06	+16.0%
Share %	4.9%	2.4%	0.0%	3.1%	2.0%	6.2%
Source: USDA, Latest update: 2025-12-20

SMP - Balance sheet in Mio Tons \| Year 2026 (Forecast made in December)
World	0.43	+11.7%	4.85	+1.4%	1.37	+1.5%	2.32	+0.3%	3.90	+3.2%	0.44	+1.9%
EU-27	0.00	0.0%	1.43	-0.7%	0.04	0.0%	0.75	-1.3%	0.72	0.0%	0.00	0.0%
Share %	0.0%	29.5%	2.9%	32.3%	18.5%	0.0%
United States	0.10	0.0%	1.05	+5.5%	0.00	0.0%	0.67	-0.1%	0.38	+17.1%	0.10	0.0%
Share %	23.3%	21.6%	0.0%	28.9%	9.7%	22.7%
India	0.03	+25.0%	0.79	+2.6%	0.00	0.0%	0.01	+16.7%	0.78	+2.8%	0.03	+13.3%
Share %	7.0%	16.3%	0.0%	0.4%	20.0%	6.8%
New Zealand	0.09	+41.7%	0.45	-1.1%	0.01	0.0%	0.44	+3.6%	0.01	0.0%	0.09	+5.9%
Share %	20.9%	9.3%	0.7%	19.0%	0.3%	20.5%
Australia	0.02	0.0%	0.17	0.0%	0.01	0.0%	0.16	0.0%	0.03	0.0%	0.02	0.0%
Share %	4.7%	3.5%	0.7%	6.9%	0.8%	4.5%
Source: USDA, Latest update: 2025-12-20

SMP - Balance sheet in Mio Tons \| Year 2026 (Forecast made in June)
World	-	-	-	-	-
EU-27	-	-	-	-	-
United States	-	-	-	-	-
India	-	-	-	-	-
New Zealand	-	-	-	-	-
Australia	-	-	-	-	-
Source: USDA, Latest update: 2025-12-20

SMP - Balance sheet in Mio Tons \| Year 2025
World	0.38	+1.3%	4.78	-1.3%	1.35	-1.7%	2.31	-1.4%	3.78	-2.5%	0.43	+11.7%
EU-27	0.00	0.0%	1.44	-0.6%	0.04	+4.9%	0.76	+6.1%	0.72	-6.5%	0.00	0.0%
Share %	0.0%	30.4%	2.9%	33.8%	18.7%	0.0%
United States	0.10	+4.4%	1.00	-12.1%	0.00	+100.0%	0.67	-10.1%	0.33	-14.8%	0.10	0.0%
Share %	24.9%	21.1%	0.0%	29.8%	8.6%	24.6%
India	0.02	+20.0%	0.77	+2.0%	0.00	+∞	0.01	-33.3%	0.76	+2.3%	0.03	+25.0%
Share %	5.0%	16.3%	0.0%	0.4%	19.7%	7.4%
New Zealand	0.06	-11.8%	0.45	+2.3%	0.01	+66.7%	0.42	-4.8%	0.01	0.0%	0.09	+41.7%
Share %	14.9%	9.5%	0.7%	18.7%	0.3%	22.2%
Australia	0.02	-31.4%	0.17	-1.2%	0.01	-9.1%	0.16	-8.8%	0.03	+4.2%	0.02	0.0%
Share %	5.0%	3.6%	0.7%	7.1%	0.8%	4.9%
Source: USDA, Latest update: 2025-12-20

WMP - Balance sheet in Mio Tons \| Year 2026 (Forecast made in December)
World	0.50	-2.7%	4.40	-0.4%	1.03	+0.9%	1.88	-0.7%	3.57	+0.1%	0.49	-2.4%
New Zealand	0.28	+11.2%	1.40	-1.4%	0.00	0.0%	1.38	0.0%	0.02	0.0%	0.29	+2.9%
Share %	56.0%	31.8%	0.0%	73.4%	0.6%	59.2%
China	0.12	-17.2%	1.12	-1.8%	0.43	0.0%	0.06	0.0%	1.50	-2.3%	0.11	-8.3%
Share %	24.0%	25.5%	41.7%	3.2%	42.0%	22.4%
Brazil	0.00	0.0%	0.61	+1.7%	0.14	-1.5%	0.00	0.0%	0.74	+1.1%	0.00	0.0%
Share %	0.0%	13.9%	13.6%	0.0%	20.7%	0.0%
EU-27	0.00	0.0%	0.59	-1.7%	0.02	0.0%	0.16	-8.8%	0.45	+1.1%	0.00	0.0%
Share %	0.0%	13.4%	1.9%	8.5%	12.6%	0.0%
Argentina	0.03	-29.5%	0.20	+7.7%	0.00	0.0%	0.15	+7.4%	0.06	+5.0%	0.02	-38.7%
Share %	6.0%	4.5%	0.0%	8.0%	1.7%	4.1%
Source: USDA, Latest update: 2025-12-20

WMP - Balance sheet in Mio Tons \| Year 2026 (Forecast made in June)
World	-	-	-	-	-
New Zealand	-	-	-	-	-
China	-	-	-	-	-
Brazil	-	-	-	-	-
EU-27	-	-	-	-	-
Argentina	-	-	-	-	-
Source: USDA, Latest update: 2025-12-20

WMP - Balance sheet in Mio Tons \| Year 2025
World	0.51	-3.9%	4.42	0.0%	1.03	0.0%	1.90	+1.6%	3.56	-1.1%	0.50	-2.7%
New Zealand	0.25	+13.6%	1.42	0.0%	0.00	0.0%	1.38	+0.1%	0.02	0.0%	0.28	+11.2%
Share %	50.1%	32.2%	0.0%	72.9%	0.6%	58.3%
China	0.15	-17.1%	1.14	-2.6%	0.43	+3.9%	0.06	+185.7%	1.53	-3.7%	0.12	-17.2%
Share %	30.1%	25.9%	41.1%	3.2%	42.8%	25.0%
Brazil	0.00	0.0%	0.60	+1.7%	0.14	-6.8%	0.00	-66.7%	0.73	+0.3%	0.00	0.0%
Share %	0.0%	13.6%	13.4%	0.0%	20.4%	0.0%
EU-27	0.00	0.0%	0.60	-3.1%	0.02	+6.7%	0.17	-18.3%	0.45	+4.7%	0.00	0.0%
Share %	0.0%	13.6%	1.9%	9.0%	12.6%	0.0%
Argentina	0.04	-12.0%	0.18	+5.2%	0.00	0.0%	0.14	+11.6%	0.06	+3.4%	0.03	-29.5%
Share %	8.0%	4.1%	0.0%	7.4%	1.7%	6.3%
Source: USDA, Latest update: 2025-12-20

Global Snapshot

MILK EQUIVALENT | SMP | WMP | BUTTER | CHEESE

Milk Equivalent ('000 Ton)	Δ Milk P.	Δ Imp*	Δ Exp*	Δ Cons* (e)	Balance Δ(P+I-E-C)
Main Players, changes Jan-Feb 2026 on Jan-Feb 2025
EU-27	+4,8% +1.085	-1,7% -8	+4,8% +178	+0,2% +44	+854
New Zealand	+3,7% +159	-3,1% -1	-5,0% -198	0% 0	+356
USA	+3,2% +543	-23,6% -84	+17,5% +327	+3,6% +561	-430
United Kingdom	+3,6% +92	+3,9% +29	+32,4% +163	+0,4% +11	-53
Australia	+1,1% +14	+0,3% +1	-6,8% -43	+0,4% +5	+53
Argentina	+10,1% +169	+30,8% +1	+33,7% +86	+5,2% +49	+34
Uruguay	+7,1% +21	+2,5% +0	-5,5% -17	0% 0	+38
Chile	+3,6% +14	+21,2% +21	-4,5% -3	+2,1% +1	+37
TOTAL	*+4,2%* +2.097	*-2,1%* -42	*+4,4%* +494	*+1,5%* +671	+890
Last update: 2026-04-21 (e) Estimated data * Import, Export and Consumption data are in Milk Equivalent (ME), comprehensive of WMP, Cheese, SMP+Butter and Liquid Milk. Import and Export data are also comprehensive of Condensed Milk and Yogurt. Information Note SOURCE Production: EU-27: Eurostat, FEGA, AGEA, Zuivel; United Kingdom: DEFRA; New Zealand: DCANZ; US: National Agricultural Statistics Service; Australia: Dairy Australia; Belarus: National Statistical Committee of the Republic of Belarus; Uruguay: INALE; Argentina: Subsecretaría de Lechería - Ministerio de Agroindustria; Ukraine: State Statistics Committee of Ukraine; Chile: ODEPA. Import/Export: UE-27: Eurostat United KIngdom: United Kingdom HMRC New Zealand: Stat.nz US: Census Bureau Chile: ODEPA Australia, Belarus, Uruguay, Argentina, Ukraine: IHS Domestic consumption data calculated by applying the incidence of consumption over production reported by FAS-USDA on the productions obtained from the local sources. The domestic consumption changes estimated by the FAS-USDA source are updated every six months (June and December). Note: The balance sheet at the moment does not consider the trade of FFMP (fat-filled milk powder) - HS 190190, milk powder that has a fat content similar to whole milk powder, but instead of butterfat contains vegetable fats.
« Last year Current year »

Milk Equivalent ('000 Ton)	Δ Milk P.	Δ Imp*	Δ Exp*	Δ Cons* (e)	Balance Δ(P+I-E-C)
Main Players, changes Jan-Dec 2025 on Jan-Dec 2024
EU-27	+1,7% +2.506	+3,6% +110	+3,8% +889	+3,4% +4.694	-2.967
New Zealand	+1,8% +398	+35,6% +48	-2,0% -383	0% 0	+829
USA	+2,6% +2.617	-4,2% -90	+2,2% +278	-0,9% -830	+3.079
United Kingdom	+4,9% +760	+4,1% +193	+14,8% +474	+1,2% +200	+279
Australia	-2,1% -181	+7,5% +99	-3,5% -138	+0,7% +45	+12
Argentina	+9,7% +1.059	+65,0% +9	+13,4% +232	+7,7% +400	+436
Uruguay	+8,3% +176	+4,6% +2	+5,4% +86	0% 0	+92
Chile	+6,2% +143	-6,9% -48	+47,5% +137	-9,6% -39	-3
TOTAL	*+2,4%* +7.478	*+2,6%* +322	*+2,4%* +1.574	*+1,7%* +4.470	+1.757
Last update: 2026-04-21 (e) Estimated data * Import, Export and Consumption data are in Milk Equivalent (ME), comprehensive of WMP, Cheese, SMP+Butter and Liquid Milk. Import and Export data are also comprehensive of Condensed Milk and Yogurt. Information Note SOURCE Production: EU-27: Eurostat, FEGA, AGEA, Zuivel; United Kingdom: DEFRA; New Zealand: DCANZ; US: National Agricultural Statistics Service; Australia: Dairy Australia; Belarus: National Statistical Committee of the Republic of Belarus; Uruguay: INALE; Argentina: Subsecretaría de Lechería - Ministerio de Agroindustria; Ukraine: State Statistics Committee of Ukraine; Chile: ODEPA. Import/Export: UE-27: Eurostat United KIngdom: United Kingdom HMRC New Zealand: Stat.nz US: Census Bureau Chile: ODEPA Australia, Belarus, Uruguay, Argentina, Ukraine: IHS Domestic consumption data calculated by applying the incidence of consumption over production reported by FAS-USDA on the productions obtained from the local sources. The domestic consumption changes estimated by the FAS-USDA source are updated every six months (June and December). Note: The balance sheet at the moment does not consider the trade of FFMP (fat-filled milk powder) - HS 190190, milk powder that has a fat content similar to whole milk powder, but instead of butterfat contains vegetable fats.
« Last year Current year »

SMP ('000 Tons)	Δ Prod	Δ Imp*	Δ Exp*	Δ Cons* (e)	Balance Δ(P+I-E-C)
Main Players, changes Jan-Dec 2025 on Jan-Dec 2024
EU-27	+5,0% +62	+10,9% +4	+11,3% +81	-1,2% -8	-6
USA	-5,2% -54	+400,9% +2	-9,3% -69	-14,8% -57	+75
New Zealand	+1,4% +6	+93,8% +3	-7,4% -33	0% 0	+42
Australia	+0,2% +0	-12,4% -1	-7,3% -12	+4,2% +1	+10
TOTAL	*+0,5%* +15	*+15,5%* +9	*-1,6%* -34	*-5,9%* -64	+122
Last update: 2026-04-16 (e) Estimated data Information Note SOURCE Production: EU-27: Eurostat, data estimated by CLAL; United Kingdom: DEFRA; New Zealand: The Data are calculated by applying the incidence of WMP export on Total Dairy export to the annual production data (Source: FAS-USDA). The same calculation is used also to the current year data, applying the incidence calculated for the previous year. US: National Agricultural Statistics Service; Australia: Dairy Australia; Import/Export: EU-27: Eurostat New Zealand: Stat.nz US: Census Bureau United Kingdom: United Kingdom HMRC Australia: IHS Domestic consumption data calculated by applying the incidence of consumption over production reported by FAS-USDA on the productions obtained from the local sources. The domestic consumption changes estimated by the FAS-USDA source are updated every six months (June and December). Note: The balance sheet at the moment does not consider the trade of FFMP (fat-filled milk powder) - HS 190190, milk powder that has a fat content similar to whole milk powder, but instead of butterfat contains vegetable fats.
« Last year Current year »

SMP ('000 Tons)	Δ Prod	Δ Imp*	Δ Exp*	Δ Cons* (e)	Balance Δ(P+I-E-C)
Main Players, changes Jan-Dec 2024 on Jan-Dec 2023
EU-27	+0,8% +9	+13,9% +5	-7,7% -59	+7,6% +47	+27
USA	-11,4% -132	-25,6% -0	-8,0% -65	-0,3% -1	-66
New Zealand	+12,8% +50	+1,4% +0	-2,2% -10	-16,7% -2	+61
Australia	+19,7% +29	-15,7% -2	+27,1% +36	-14,3% -4	-6
TOTAL	*-1,5%* -44	*+5,0%* +3	*-4,5%* -98	*+3,8%* +40	+17
Last update: 2026-04-16 (e) Estimated data Information Note SOURCE Production: EU-27: Eurostat, data estimated by CLAL; United Kingdom: DEFRA; New Zealand: The Data are calculated by applying the incidence of WMP export on Total Dairy export to the annual production data (Source: FAS-USDA). The same calculation is used also to the current year data, applying the incidence calculated for the previous year. US: National Agricultural Statistics Service; Australia: Dairy Australia; Import/Export: EU-27: Eurostat New Zealand: Stat.nz US: Census Bureau United Kingdom: United Kingdom HMRC Australia: IHS Domestic consumption data calculated by applying the incidence of consumption over production reported by FAS-USDA on the productions obtained from the local sources. The domestic consumption changes estimated by the FAS-USDA source are updated every six months (June and December). Note: The balance sheet at the moment does not consider the trade of FFMP (fat-filled milk powder) - HS 190190, milk powder that has a fat content similar to whole milk powder, but instead of butterfat contains vegetable fats.
« Last year Current year »

WMP ('000 Tons)	Δ Prod	Δ Imp*	Δ Exp*	Δ Cons* (e)	Balance Δ(P+I-E-C)
Main Players, changes Jan-Dec 2025 on Jan-Dec 2024
New Zealand	0,0% -0	+7,5% +0	-3,3% -45	0% 0	+45
EU-27	-8,1% -56	+12,9% +2	-14,8% -31	-0,6% -3	-20
Australia	-5,0% -1	+2,3% +1	-9,0% -5	0% 0	+5
USA	+16,9% +9	+18,5% +3	+56,9% +14	0% 0	-3
TOTAL	*-2,2%* -49	*+8,8%* +6	*-4,0%* -67	*-0,5%* -3	+27
Last update: 2026-04-16 (e) Estimated data Information Note SOURCE Production: EU-27: Eurostat, BLE, data estimated by CLAL; United Kingdom: DEFRA; New Zealand: The Data are calculated by applying the incidence of WMP export on Total Dairy export to the annual production data (Source: FAS-USDA). The same calculation is used also to the current year data, applying the incidence calculated for the previous year. US: National Agricultural Statistics Service; Australia: Dairy Australia; Import/Export: EU-27: Eurostat New Zealand: Stat.nz US: Census Bureau United Kingdom: United Kingdom HMRC Australia: IHS Domestic consumption data calculated by applying the incidence of consumption over production reported by FAS-USDA on the productions obtained from the local sources. The domestic consumption changes estimated by the FAS-USDA source are updated every six months (June and December). Note: The balance sheet at the moment does not consider the trade of FFMP (fat-filled milk powder) - HS 190190, milk powder that has a fat content similar to whole milk powder, but instead of butterfat contains vegetable fats.
« Last year Current year »

WMP ('000 Tons)	Δ Prod	Δ Imp*	Δ Exp*	Δ Cons* (e)	Balance Δ(P+I-E-C)
Main Players, changes Jan-Dec 2024 on Jan-Dec 2023
New Zealand	+1,4% +20	-22,2% -0	+0,5% +7	0% 0	+13
EU-27	-4,8% -35	-13,7% -2	-19,8% -52	+4,8% +22	-8
Australia	+2,6% +1	-21,0% -10	+46,3% +17	-33,3% -10	-17
USA	+0,8% +0	+30,7% +4	-1,2% -0	+11,1% +4	+1
TOTAL	*-0,6%* -14	*-10,3%* -8	*-1,6%* -27	*+3,0%* +16	-11
Last update: 2026-04-16 (e) Estimated data Information Note SOURCE Production: EU-27: Eurostat, BLE, data estimated by CLAL; United Kingdom: DEFRA; New Zealand: The Data are calculated by applying the incidence of WMP export on Total Dairy export to the annual production data (Source: FAS-USDA). The same calculation is used also to the current year data, applying the incidence calculated for the previous year. US: National Agricultural Statistics Service; Australia: Dairy Australia; Import/Export: EU-27: Eurostat New Zealand: Stat.nz US: Census Bureau United Kingdom: United Kingdom HMRC Australia: IHS Domestic consumption data calculated by applying the incidence of consumption over production reported by FAS-USDA on the productions obtained from the local sources. The domestic consumption changes estimated by the FAS-USDA source are updated every six months (June and December). Note: The balance sheet at the moment does not consider the trade of FFMP (fat-filled milk powder) - HS 190190, milk powder that has a fat content similar to whole milk powder, but instead of butterfat contains vegetable fats.
« Last year Current year »

BURRO ('000 Tons)	Δ Prod	Δ Imp*	Δ Exp*	Δ Cons* (e)	Balance Δ(P+I-E-C)
Main Players, changes Jan-Aug 2025 on Jan-Aug 2024
New Zealand	+17,6% +58	+131,6% +0	+13,2% +36	0% 0	+22
EU-27	+3,9% +55	+125,7% +28	-3,0% -5	+8,8% +109	-21
USA	+5,6% +39	-23,8% -16	+155,6% +44	-2,4% -17	-4
United Kingdom	+9,0% +0	+0,1% +0	+12,9% +4	-1,0% -1	-2
Australia	+17,3% +3	-0,7% -0	-20,7% -3	+3,1% +1	+5
TOTAL	*+6,3%* +155	*+7,6%* +12	*+14,4%* +76	*+4,3%* +92	-0
Last update: 2026-02-08 (e) Estimated data Information Note SOURCE Production: EU-27: Eurostat; United Kingdom: DEFRA; New Zealand: The Data are calculated by applying the incidence of BUTTER export on Total Dairy export to the annual production data (Source: FAS-USDA). The same calculation is used also to the current year data, applying the incidence calculated for the previous year. US: National Agricultural Statistics Service; Australia: Dairy Australia; Import/Export: EU-27: Eurostat New Zealand: Stat.nz US: Census Bureau United Kingdom: United Kingdom HMRC Australia: IHS Domestic consumption data calculated by applying the incidence of consumption over production reported by FAS-USDA on the productions obtained from the local sources. The domestic consumption changes estimated by the FAS-USDA source are updated every six months (June and December). Note: The balance sheet at the moment does not consider the trade of FFMP (fat-filled milk powder) - HS 190190, milk powder that has a fat content similar to whole milk powder, but instead of butterfat contains vegetable fats.
« Last year Current year »

BURRO ('000 Tons)	Δ Prod	Δ Imp*	Δ Exp*	Δ Cons* (e)	Balance Δ(P+I-E-C)
Main Players, changes Jan-Dec 2024 on Jan-Dec 2023
New Zealand	+0,9% +5	+15,2% +0	-9,1% -43	0% 0	+48
EU-27	-1,1% -23	-32,5% -17	-5,1% -15	-1,4% -26	+0
USA	+5,9% +56	+34,3% +28	+29,4% +11	+6,3% +63	+11
United Kingdom	-6,8% -0	+9,7% +6	-19,5% -11	-1,0% -2	+18
Australia	+7,9% +3	-11,7% -6	+136,8% +13	+1,6% +1	-17
TOTAL	*+1,1%* +41	*+4,4%* +11	*-5,2%* -45	*+1,1%* +36	+60
Last update: 2026-02-08 (e) Estimated data Information Note SOURCE Production: EU-27: Eurostat; United Kingdom: DEFRA; New Zealand: The Data are calculated by applying the incidence of BUTTER export on Total Dairy export to the annual production data (Source: FAS-USDA). The same calculation is used also to the current year data, applying the incidence calculated for the previous year. US: National Agricultural Statistics Service; Australia: Dairy Australia; Import/Export: EU-27: Eurostat New Zealand: Stat.nz US: Census Bureau United Kingdom: United Kingdom HMRC Australia: IHS Domestic consumption data calculated by applying the incidence of consumption over production reported by FAS-USDA on the productions obtained from the local sources. The domestic consumption changes estimated by the FAS-USDA source are updated every six months (June and December). Note: The balance sheet at the moment does not consider the trade of FFMP (fat-filled milk powder) - HS 190190, milk powder that has a fat content similar to whole milk powder, but instead of butterfat contains vegetable fats.
« Last year Current year »

FORMAGGIO ('000 Tons)	Δ Prod	Δ Imp*	Δ Exp*	Δ Cons* (e)	Balance Δ(P+I-E-C)
Main Players, changes Jan-Aug 2025 on Jan-Aug 2024
EU-27	+0,9% +63	+5,8% +7	+0,3% +3	+2,0% +118	-51
USA	+1,6% +69	-3,3% -4	+15,4% +54	-0,2% -7	+18
New Zealand	+18,8% +49	+13,3% +1	+14,6% +36	0% 0	+14
United Kingdom	+3,6% +0	+3,4% +10	-0,5% -1	+2,5% +13	-2
Australia	-0,8% -2	+8,2% +6	+2,4% +3	+1,4% +3	-2
TOTAL	*+1,6%* +179	*+3,0%* +19	*+5,4%* +94	*+1,2%* +127	-23
Last update: 2025-12-16 (e) Estimated data Information Note SOURCE Production: EU-27: Eurostat, CSO, data estimated by CLAL; United Kingdom: DEFRA; New Zealand: The Data are calculated by applying the incidence of CHEESE export on Total Dairy export to the annual production data (Source: FAS-USDA). The same calculation is used also to the current year data, applying the incidence calculated for the previous year. US: National Agricultural Statistics Service; Australia: Dairy Australia; Import/Export: EU-27: Eurostat New Zealand: Stat.nz US: Census Bureau United Kingdom: United Kingdom HMRC Australia: IHS Domestic consumption data calculated by applying the incidence of consumption over production reported by FAS-USDA on the productions obtained from the local sources. The domestic consumption changes estimated by the FAS-USDA source are updated every six months (June and December). Note: The balance sheet at the moment does not consider the trade of FFMP (fat-filled milk powder) - HS 190190, milk powder that has a fat content similar to whole milk powder, but instead of butterfat contains vegetable fats.
« Last year Current year »

FORMAGGIO ('000 Tons)	Δ Prod	Δ Imp*	Δ Exp*	Δ Cons* (e)	Balance Δ(P+I-E-C)
Main Players, changes Jan-Dec 2024 on Jan-Dec 2023
EU-27	+2,4% +230	+7,6% +13	+0,0% +1	+2,8% +240	+2
USA	+0,7% +43	+11,3% +22	+18,0% +79	+0,2% +15	-29
New Zealand	+3,8% +14	-33,1% -5	+0,1% +0	0% 0	+9
United Kingdom	-3,7% -0	+3,9% +17	+9,8% +18	-2,9% -22	+21
Australia	+0,3% +1	-6,4% -7	+28,8% +37	+1,5% +5	-48
TOTAL	*+1,7%* +288	*+4,4%* +40	*+5,4%* +134	*+1,5%* +238	-44
Last update: 2025-12-16 (e) Estimated data Information Note SOURCE Production: EU-27: Eurostat, CSO, data estimated by CLAL; United Kingdom: DEFRA; New Zealand: The Data are calculated by applying the incidence of CHEESE export on Total Dairy export to the annual production data (Source: FAS-USDA). The same calculation is used also to the current year data, applying the incidence calculated for the previous year. US: National Agricultural Statistics Service; Australia: Dairy Australia; Import/Export: EU-27: Eurostat New Zealand: Stat.nz US: Census Bureau United Kingdom: United Kingdom HMRC Australia: IHS Domestic consumption data calculated by applying the incidence of consumption over production reported by FAS-USDA on the productions obtained from the local sources. The domestic consumption changes estimated by the FAS-USDA source are updated every six months (June and December). Note: The balance sheet at the moment does not consider the trade of FFMP (fat-filled milk powder) - HS 190190, milk powder that has a fat content similar to whole milk powder, but instead of butterfat contains vegetable fats.
« Last year Current year »


/Ton	US (2026-04-24)		OCEANIA (2026-04-24)		EU¹ (2026-04-22)		GDT² (2026-04-21)
Product	Value	% Chg*	Value	% Chg*	Value	% Chg*	Value	% Chg*
CHEESE	3.627	+4,3%	4.825	0,0%	3.659	-3,0%	4.839	+1,4%
BUTTER	3.759	+0,9%	6.200	-6,9%	4.854	-1,4%	5.711	-8,2%
SMP	4.696	+6,2%	3.525	-3,1%	3.248	+0,7%	3.444	+2,0%
WMP	5.545	+2,2%	3.663	-1,0%	4.013	-0,2%	3.662	-0,6%
WHEY POWDER	1.433	-0,8%			1.883	+3,7%
MILK (US$/100Kg)	40,34	+4,6%	44,28	+5,0%	49,91	-4,0%
Change from previous price ¹ Prices refer to Germany. Cheese prices refer to Cheddar in the European Union (source: European Commission (Milk Market Observatory)) ² Contract 2 GDT n.a.*: not available

Show/Hide Global Snapshot in €

/Ton	US (2026-04-24)		OCEANIA (1776981600)		EU¹ (2026-04-22)		GDT² (2026-04-21)
Product	Value	% Chg*	Value	% Chg*	Value	% Chg*	Value	% Chg*
CHEESE	3.101	+5,1%	4.120	0,0%	3.124	-4,5%	4.115	-0,6%
BUTTER	3.214	+1,6%	5.294	-6,9%	4.125	-1,2%	4.856	-10,1%
SMP	4.009	+7,0%	3.010	-3,1%	2.760	+0,9%	2.929	-
WMP	4.734	+3,0%	3.127	-1,0%	3.410	0,0%	3.114	-2,6%
WHEY POWDER	1.224	0,0%			1.600	+3,9%
MILK (€/100Kg)	34,12	+3,8%	37,45	+4,2%	43,18	-1,8%
Change from previous price ¹ Prices refer to Germany. Cheese prices refer to Cheddar in the European Union (source: European Commission (Milk Market Observatory)) ² Contract 2 GDT n.a.*: not available

FOCUS Price Products € in real time

		Area	Last updated	± from prev. price	± from 1 year ago
Price / Quotation
	Whole Milk…
	▸ “SPOT”	Italy	27 Apr 2026	-0,2%	-50,8%
	▸ farm-gate	EU (13 country)	Mar 2026	-3,9%	-17,3%
	▸ farm-gate	USA	Feb 2026	+3,8%	-31,7%
	PDO cheeses…
	▸ hard	Italy	27 Apr 2026	+0,3%	+4,2%
	▸ semi-hard	Italy	27 Apr 2026	0,0%	+87,2%
	▸ fresh	Italy	27 Apr 2026	0,0%	-3,9%
	Cheeses	Germany and Oceania	24 Apr 2026	0,0%	-14,6%
	Butter	Italy, Germany and Oceania	27 Apr 2026	-3,9%	-36,8%
	SMP (Skimmed Milk Powder)	Germany, Oceania and USA	24 Apr 2026	+1,7%	+28,1%
	Whey powder	Germany and USA	24 Apr 2026	+0,4%	+46,3%
	Feed input
	▸ Corn	Italy and USA	21 Apr 2026	+0,2%	-5,6%
	▸ Soybeans	Italy and USA	27 Apr 2026	+0,9%	+1,1%
	▸ GMO Soybean Meal	Italy	27 Apr 2026	+2,4%	+25,1%
	Oil	Europe	17 Apr 2026	-8,2%	+68,9%
Retail price
	PDO hard cheeses	Italy	Feb 2026	-2,7%	+4,2%
	Fresh cheeses	Italy	Feb 2026	-1,7%	+1,3%
	Butter	Italy	Feb 2026	-5,6%	-6,4%

Percentage price changes relate to (i) the last quotation period, and to (ii) the same period of the previous year

CLICK HERE for further information.

World Supply and Demand

Global Milk Supply in the Key Exporters of Dairy Products: +4,1% (Jan'26 - Mar'26)

Dairy Products Production in some Key Exporting Countries

Milk Powders (WMP and SMP), Butter and Cheese Exports of the main Exporting countries +4,65% (Jan'26 - Feb'26)

BUTTER Stocks
· US Stocks: Mar 31, 2026 131.014 tons (+12.7% on Feb 28, 2026; -10.6% on Mar, 2025)
· EU-27
Consumption (Production + Import - Export): Feb 28,2026: 171.930 tons (-1,8% on Jan 31, 2026; +7,5% on Feb, 2025)

SMP Stocks
· US Stocks: Feb 28, 2026 99.935 tons (+3.4% on Jan 31, 2026; -12.0% on Feb, 2025)
· EU-27
Consumption (Production + Import - Export): Feb 28,2026 56.722 tons (-4,6% on Jan 31, 2026; +5,2% on Feb, 2025)

CHEESE Stocks
· US Stocks: Mar 31, 2026 635.653 tons (+1.0% on Feb 28, 2026; -1.6% on Mar, 2025)
· EU-27
Consumption (Production + Import - Export): Feb 28,2026 0 tons (-4,6% on Jan 31, 2026; +5,2% on Feb, 2025)
· ITALY

Grana Padano Stocks:
- Marked PDO: Mar 31, 2026 2.077.398 number of wheels (-0,4% on 28 Feb 2026; -1,1% on Mar, 2025)
- Total: Mar 31, 2026 0 number of wheels (+nan% on 28 Feb 2026; -100,0% on Mar, 2025)

DRY WHEY Stocks
· US Stock: Feb 28, 2026 26.366 tons (-7.1% rispetto a Jan 31, 2026; -7.3% rispetto a Feb, 2025)

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CLAL is an Italian Dairy Economic Consulting firm that analyses the Dairy Market, describes trends and provides data, news and synthesis thanks to information and training activities.

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Dairy Market Alert

Clal.it outlines hereafter some important changes that occured in the market and may have an impact on the market trend Cheese, Butter, Powder and Packed Milk import and export flows of the main dairy players.

▸ Egypt Butter Import: -47,2% (Dec '25) **
▸ Argentina WMP Export: +68,7% (Mar '26) **
▸ China SMP Import: -23,8% (Mar '26) **
▸ China Butter Import: +54,8% (Mar '26) **

Show/Hide all ALERT

▸ China Cream Import: +39,9% (Mar '26) **
▸ China Packed Milk Import: -5,4% (Mar '26) **
▸ New Zealand SMP Export: +26,6% (Mar '26) **
▸ New Zealand Bulk and Packed Milk Export: -13,4% (Mar '26) **
▸ China Cheese Import: +40,5% (Mar '26) **
▸ China WMP Import: +34,1% (Mar '26) **
▸ New Zealand WMP Export: +32,0% (Mar '26) **

Access the Dairy World Trade section » to analyse more in depth

** Compared to the same month of the previous year (Information Note)

Import or Export changes become “Alerts” if the given thresholds are exceeded: Cream ± 20 %, Milk in packings of > 2 l ± 20 %, Milk in packings of <= 2 l ± 20 %, Baby milk ± 15 %, Butter ± 15 %, Cheese ± 15 %, SMP ± 20 %, WMP ± 20 %, Whey powder ± 40 %

Clal Updates and Publications

CLAL.it provides the Operators with a range of updated information.

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Amul: the future is in Proteins and the Cooperative, not in the stock exchange
Jayen Mehta – Managing director of Gujarat Cooperative Milk Marketing Federation (Amul), India By: The CLAL Team and Leo Bertozzi ... read
The changing landscape of Livestock Diseases in 2025
By: Alberto Lancellotti In recent months, various animal diseases have raised increasing concern across the livestock sector, both globally... read
United States tariffs: follow the evolution of Dairy trade
By: Alberto Lancellotti In a context of uncertainty linked to the possible introduction of new tariffs by the United States on dairy ... read

GlobalDairyTrade results of April 21, 2026

Change in Price Index from Previous Event: -2,7 %
Average Winning Price: 4.143 US$ / Ton

	Average price USD / Ton	Change
AMF (Anhydrous Milk Fat)	6.357	-9,6 %
BMP (Butter Milk Powder)	n.a.	-
BUTTER 82%	5.702	-7,9 %
RENNET CASEIN	n.a.	-
CHEDDAR	4.798	+1,1 %
LACTOSE	1.573	+7,2 %
MOZZARELLA	3.850	-3,1 %
MPC (Milk Protein Concentrate)	n.a.	-
SMP (Skim. milk Powder)	3.448	+3,2 %
SWP (Sweet Whey Powder)	n.a.	-
WMP (Whole milk Powder)	3.666	-0,6 %

Next GlobalDairyTrade Event: May 05, 2026

ITALY: Import/Export as of January 31, 2026

Exports of G.Padano + P.Reggiano:	-5,37 %
Exports of Gorgonzola:	-6,05 %
Exports of Grated cheese:	+3,13 %

Imports of Full-fat bulk milk:	-31,72 %
Imports of Packed semi-skimmed milk:	-4,06 %

Next Update: May 18, 2026

a new project: Sistema Stalla

Performance and Competitiveness of Italian Dairy Farms

CLAL focus on: Grana Padano PDO Cheese

Name:: Grana Padano PDO

Consortium:: Consorzio Tutela GRANA PADANO
Base:: Desenzano del Garda (BS), Italy

Establishment year:: 1954
N. consortium members:: 150

Product:: Grana Padano PDO

What makes Grana Padano an all-round food favourable to the well-being and health of children, adolescents, pregnant women, athletes and the elderly is its excellent ratio of energy value to the quality and quantity of nutrients it contains.

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Butter - Balance sheet in Mio Tons \| Year 2026 (Forecast made in December)
Country	Beginning Stocks		Production		Import		Export		Consumption		Ending Stocks
World	0.25	-6.3%	12.62	+2.4%	0.67	+1.8%	1.12	-4.8%	12.19	+3.1%	0.24	-4.0%
India	0.00	0.0%	7.44	+3.4%	0.00	0.0%	0.09	+3.7%	7.35	+3.4%	0.00	0.0%
Share %	0.0%		59.0%		0.0%		8.0%		60.3%		0.0%
EU-27	0.00	0.0%	2.06	-1.4%	0.08	0.0%	0.23	-15.1%	1.91	+0.5%	0.00	0.0%
Share %	0.0%		16.3%		11.9%		20.5%		15.7%		0.0%
United States	0.09	-7.2%	1.15	+7.0%	0.08	+9.7%	0.09	-21.2%	1.14	+9.0%	0.10	+5.6%
Share %	36.0%		9.1%		11.9%		8.0%		9.4%		41.7%
New Zealand	0.04	-21.2%	0.54	0.0%	0.00	0.0%	0.52	0.0%	0.03	0.0%	0.03	-26.8%
Share %	16.0%		4.3%		0.0%		46.4%		0.2%		12.5%
Russia	0.02	0.0%	0.28	-0.7%	0.12	+6.2%	0.00	0.0%	0.39	+1.3%	0.02	0.0%
Share %	8.0%		2.2%		17.9%		0.0%		3.2%		8.3%
Source: USDA, Latest update: 2025-12-20

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