Dairy
Milk
470
460
450
440
500
490
480
510
520
Dec 19 Mar 20 Jun 20 Sep 21 Dec 21
Milk EU - EUR/MT
Sep 20 Dec 20 Mar 21 Jun 21
JQ90 - Milk fresh org 4.4% fat NW
EU cow milk production dropped to 122.13 million tonnes (-0.1% y-o-y, -118,000 tonnes) during the
Jan-Oct '21 period, according to Eurostat. This milk deficit supported prices in December 2021. Thus,
the price increased slightly by 1.7% m-o-m in December to EUR 515.8/MT and was up 14.2% y-o-y.
The US milk supply dropped in November. Milk production in November 2021 reached 8.18 million
tonnes, down 0.4% from November 2020. This was the first y-o-y decline in milk output since
February 2021. Therefore, the December average price of US milk increased to USD 422.6/MT, up
6.6% m-o-m, but down 3.5% y-o-y.
200
250
300
350
400
450
Dec 19 Mar 20 Jun 20 Jun 21 Sep 21 Dec 21
Milk US - USD/MT
Sep 20 Dec 20 Mar 21
DU27 - Milk class 1 FMO pp US
420
400
380
360
340
320
300
280
260
240
220
200
Dec 19 Mar 20 Jun 20 Sep 21 Dec 21
Milk UK (MBP) - GBP/MT
Sep 20 Dec 20 Mar 21 Jun 21
JQ45 - Milk fresh >3.5% fat UK (MBP)
The total UK milk deliveries' estimates were 3.6% y-o-y in December 2021. UK farmers continue to
face escalating input costs, such as feed and energy costs, adding inflationary pressure to milk prices.
Moreover, demand built up with the festive period. Thus, the November average of the Mintec
Benchmark Prices (MBP) for UK milk rose to GBP 415.5/MT, up 2.4% m-o-m and 51.3% y-o-y.
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