Copyright © 2021 Mintec Limited Contents
Dairy
Milk
15Milk EU - EUR/MT
Jan 19 May 19 Sep 19 Jan 20 May 20 Sep 20 Jan 21 May 21
440
450
460
470
480
490
500
JQ90 - Milk fresh org 4.4% fat NW
Milk deliveries declined in the Jan-Mar 2021 period in major European milk producing countries. This drop in
available milk translated into decreases of other dairy products. Lower than expected milk supplies across Europe
have been causing upward pressure on prices. Therefore, the May average price of EU milk was recorded at EUR
487.5/MT, up 9% y-o-y and 0.5% m-o-m.
In the United States, the spring flush is at its peak and milk is plentiful. In the Jan-Apr 2021 period, milk production
for the 24 major US states grew by 1.6% y-o-y, to 76.1 billion pounds. Milk is mainly being channelled into cheese
production. This and a spike in US dairy exports are supporting US milk prices. The May average price of US milk
reached USD 377/MT, up 10.2% m-o-m and up 32% y-o-y.
Milk US - USD/MT
Jan 19 May 19 Sep 19 Jan 20 May 20 Sep 20 Jan 21 May 21
200
250
300
350
400
450
DU27 - Milk class 1 FMO pp US
Milk UK (MBP) - GBP/L
Jan 19 May 19 Sep 19 Jan 20 May 20 Sep 20 Jan 21 May 21
200
220
240
260
280
300
JQ45 - Milk fresh >3.5% fat UK (MBP)
An earlier than expected peak to the spring flush period and a drop in bulk milk exports in Q1 2020 pushed down
UK milk prices . Therefore, the May average of the Mintec Benchmark Price for UK milk fell to GBP 207.8/MT
during May, down 2.3% m-o-m and 14.7% y-o-y.