In December, the New Zealand WMP price continued its upward trend. This was due to buyers in
MENA and Asia purchasing more WMP from New Zealand when prices were at more affordable levels.
Buyers in Asia prefer New Zealand WMP, due to shorter delivery times and lower freight costs. The
December average price confirms that the dairy market is still out of balance and there is strong
demand for WMP with tightening supplies in the New Zealand market. The December average price of
New Zealand WMP stood at NZD 5,878/MT, up 6.2 m-o-m and up 32.9% y-o-y.
Dairy
Whole milk powder
2,600
3,000
3,400
3,800
4,200
Dec 19 Mar 20 Jun 20 Sep 20 Jun 21 Sep 21 Dec 21
WMP EU - EUR/MT
Dec 20 Mar 21
J118 - WMP mp EU
The December average price of EU WMP price was firm, on the back of tight supplies. Lower milk
collection across the EU means that milk processors are reluctant to produce WMP outside of existing
commitments. WMP has a lower return on profits for EU milk processors compared to other dairy
ingredients, such as cheese, since cheese offers the most stable returns supported by steady exports
and strong whey (by-product) demand from China. The December average price of EU WMP reached
EUR 4,126/MT, up 8.3% m-o-m, and up 51.1% y-o-y.
4,000
4,400
4,800
5,200
5,600
6,000
Dec 19 Mar 20 Jun 20 Jun 21 Sep 21 Dec 21
WMP NZ - NZD/MT
Sep 20Dec 20 Mar 21 NZD3 - WMP
ave fob NZ
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