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Market News

World

US: Dry Whey Animal Use Stock In aumento +21,59%
US: Dry Whey Human Use Stock In calo -4,01%
US: Butter production In aumento +4,55%
US: Cheese production In aumento +1,70%
US: Nonfat Dry Milk Production (NDM) In aumento +11,42%
US: Lactose production In calo -3,21%

Europe

DE, Bavaria: Farm gate milk price In calo -0,33%
Poland: Butter price (82%) In aumento +3,11%
France: SMP price (Poudre 0%) In calo -0,75%
France: Butter price (82%) In calo -0,13%
Netherlands: Skim Milk Powder feed price In calo -4,29%
Netherlands: Skim Milk Powder (Adpi-SMP) price In calo -4,39%

Italy

IT: Grana Padano Production PDO In aumento +0,56%
IT, Verona: foreign Whole Spot Milk price In aumento +8,93%
IT, Verona: foreign Skim Spot Milk price In aumento +30,77%
IT, Verona: Spot milk price In aumento +10,14%
IT, Milan: Italian Milk Cream price In aumento +7,32%
IT, Milan: Pasteurised butter price In aumento +1,50%
Information Note
  1. Market News evidences only the changes; should no price change or no quotation take place, any mention will be made.
  2. The change/variation concerning PRODUCTION/OUTPUT quantity refers to the same period of the previous year.
  3. The change/variation concerning STOCK quantity refers to the previous month.
  4. 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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Show the data of: Previous year

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

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-Mar 2026 on Jan-Mar 2025
EU-27
+1.659
-16
+89
+67
+1.487
New Zealand
+331
+1
+15
0
+317
USA
+786
-78
+409
+841
-541
United Kingdom
+123
+53
+161
+17
-2
Australia
+31
+15
-67
+7
+106
Argentina
+235
+2
+142
+74
+22
Uruguay
+38
+4
-17
0
+59
Chile
+26
+29
+28
+2
+26
TOTAL
+3.230
+9
+759
+1.007
+1.473

Last update: 2026-05-21
(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 »
 
 
/Ton US
(2026-05-29)
OCEANIA
(2026-05-22)
EU¹
(2026-06-03)
GDT²
(2026-06-02)
Product Value % Chg* Value % Chg* Value % Chg* Value % Chg*
CHEESE 3.252 -2,0% 4.638 -1,9% 3.659 +0,3% 4.755 +3,2%
BUTTER 3.676 +8,6% 5.863 -1,5% 4.718 +4,0% 5.926 +3,2%
SMP 4.828 -3,7% 3.688 +2,8% 3.396 -0,2% 3.407 -3,8%
WMP 5.346 +1,0% 3.750 +1,4% 3.844 +0,1% 3.738 -0,5%
WHEY POWDER 1.411 0,0%     2.213 +0,9%    
MILK (US$/100Kg) 45,86 +5,6% 43,11 -2,6% 49,65 -0,9%    
*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
(2026-05-29)
OCEANIA
(1779400800)
EU¹
(2026-06-03)
GDT²
(2026-06-02)
Product Value % Chg* Value % Chg* Value % Chg* Value % Chg*
CHEESE 2.799 -2,1% 4.000 -0,4% 3.142 -0,1% 4.083 +3,2%
BUTTER 3.165 +8,5% 5.056 -0,1% 4.050 +3,8% 5.088 +3,2%
SMP 4.146 -4,1% 3.180 +4,3% 2.915 -0,3% 2.925 -3,8%
WMP 4.591 +0,6% 3.234 +2,8% 3.300 0,0% 3.210 -0,5%
WHEY POWDER 1.212 -0,4%     1.900 +0,8%    
MILK (€/100Kg) 39,17 +4,2% 37,30 -0,4% 42,53 -0,6%    
*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 25 May 2026 +8,8% -42,4%
      ▸ farm-gate EU (13 country) May 2026 -2,2% -19,2%
      ▸ farm-gate USA Apr 2026 +4,2% -5,6%
  PDO cheeses…
      ▸ hard Italy 4 Jun 2026 0,0% +4,8%
      ▸ semi-hard Italy 31 May 2026 0,0% -2,7%
      ▸ fresh Italy 25 May 2026 0,0% -3,9%
Cheeses Germany and Oceania 3 Jun 2026 -0,1% -9,0%
Butter Italy, Germany and Oceania 3 Jun 2026 +1,4% -39,8%
SMP (Skimmed Milk Powder) Germany, Oceania and USA 3 Jun 2026 -1,2% +29,9%
Whey powder Germany and USA 3 Jun 2026 -0,2% +44,2%
  Feed input
      ▸ Corn Italy and USA 4 Jun 2026 -1,1% -0,6%
      ▸ Soybeans Italy and USA 4 Jun 2026 -0,9% +4,7%
      ▸ GMO Soybean Meal Italy 4 Jun 2026 -4,9% +30,9%
Oil Europe 29 May 2026 -12,3% +49,9%
Retail price
PDO hard cheeses Italy Apr 2026 -2,9% 0,0%
Fresh cheeses Italy Apr 2026 -0,8% -1,8%
Butter Italy Apr 2026 -2,4% -11,6%
Percentage price changes relate to (i) the last quotation period, and to (ii) the same period of the previous year

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World Supply and Demand

  • CHEESE Stocks
    · US Stocks: Apr 30, 2026 643.041 tons (+0.9% on Mar 31, 2026; -0.9% on Apr, 2025)
    · EU-27
    Consumption (Production + Import - Export): Mar 31,2026 0 tons (+31,8% on Feb 28, 2026; +47,2% on Mar, 2025)
    · ITALY

    Grana Padano Stocks:
    - Marked PDO: Apr 30, 2026 2.072.507 number of wheels (-0,2% on 31 Mar 2026; +2,5% on Apr, 2025)
    - Total: Apr 30, 2026 0 number of wheels (+nan% on 31 Mar 2026; -100,0% on Apr, 2025)

  • DRY WHEY Stocks
    · US Stock: Apr 30, 2026 27.936 tons (-3.8% rispetto a Mar 31, 2026; +4.0% rispetto a Apr, 2025)

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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.


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

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a new project:Sistema Stalla Performance and Competitiveness of Italian Dairy Farms
 

CLAL focus on: Asiago PDO Product of the Mountain

Name:
Asiago PDO Product of the Mountain
Consortium:
Consorzio Tutela Formaggio Asiago
Base:
Vicenza, Italy
Establishment year:
1979
Products:
Fresh Asiago, Mature Asiago, Asiago Product of the Mountain

It is the traditional cheese of the Asiago Plateau. Asiago Cheese, which boasts the name "Product of the Mountain", is produced and aged only by cheese-makers located in mountain territory lying at an altitude of over 600 metres, according to strict production guidelines that highlight the repetition of an ancient tradition that protects the environment, grazing livestock and the consumer.

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