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Market News

World

US: Cheese 40# Blocks price In calo -6,12%
US: Butter, Grade AA price In aumento +1,90%
South America: Whole Milk Powder (WMP) price In calo -6,00%
South America: Skim Milk Powder (SMP) price In calo -2,56%
Oceania: Cheddar price In aumento +1,62%
Oceania: Whole Milk Powder (WMP) price In calo -1,43%

Europe

Western Europe: Whey Powder Sweet price In aumento +3,70%
Western Europe: WMP price In calo -1,27%
Western Europe: SMP price In calo -1,08%
Western Europe: Butter price (82%) In calo -3,95%
Poland: Butter price (82%) In calo -6,17%
DE, Bavaria: Farm gate milk price In calo -3,13%

Italy

IT, Mantua: Grana Padano PDO (14-16 months) price In calo -0,90%
IT, Mantua: Grana Padano PDO (10 months) price In calo -0,99%
IT: Grana Padano Production PDO In aumento +9,96%
IT, Verona: foreign Whole Spot Milk price In calo -6,94%
IT, Verona: foreign Skim Spot Milk price In calo -9,38%
IT, Verona: Spot milk price In calo -4,44%
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.

Processing input costs

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Milk - Balance sheet in Mio Tons | Year 2025 (Forecast made in July)
Country Cow Milk Production Other Milk Production Fluid Domestic Consumption Factory Use
World 559.61+0.8% 121.75+2.3% 196.89+0.8% 479.65+1.2%
India 103.20 +2.2% 113.30 +2.3% 91.00 +2.2% 125.47 +2.3%
Share % 18.4% 93.1% 46.2% 26.2%
EU-27 145.30 -0.5% 4.08 -2.2% 23.73 -0.4% 125.20 -0.4%
Share % 26.0% 3.4% 12.1% 26.1%
United States 103.58 +1.1% 0.00 0.0% 20.20 -1.0% 82.76 +1.6%
Share % 18.5% 0.0% 10.3% 17.3%
China 40.60 -0.5% 0.90 +7.1% 15.60 -0.6% 26.55 -0.2%
Share % 7.3% 0.7% 7.9% 5.5%
Russia 34.40 +1.0% 0.00 0.0% 7.05 -0.4% 25.68 +1.4%
Share % 6.1% 0.0% 3.6% 5.4%
Source: USDA, Latest update: 2025-07-26

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-Aug 2025 on Jan-Aug 2024
EU-27
-41
+810
-123
+187
+705
New Zealand
+147
+50
-195
0
+392
USA
+1.181
+36
-183
+1.604
-204
United Kingdom
+472
+115
+185
+71
+331
Australia
-150
+2
-128
+74
-94
Argentina
+713
+5
-31
+112
+638
Uruguay
+63
+5
+45
0
+23
Chile
+88
-56
+74
0
-42
TOTAL
+2.473
+967
-356
+2.047
+1.748

Last update: 2025-11-21
(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
(2025-12-05)
OCEANIA
(2025-12-05)
EU¹
(2025-12-03)
GDT²
(2025-12-02)
Product Value % Chg* Value % Chg* Value % Chg* Value % Chg*
CHEESE 3.042 -6,1% 4.638 +3,9% 4.882 -2,6% 4.595 +6,4%
BUTTER 3.257 +1,9% 5.613 -9,5% 5.313 -5,2% 5.140 -11,9%
SMP 2.535 -0,9% 2.538 -1,5% 2.410 +0,1% 2.478 -2,4%
WMP 3.990 -1,4% 3.375 -2,2% 3.525 -6,8% 3.358 -2,5%
WHEY POWDER 1.543 0,0%     1.318 +1,4%    
MILK (US$/100Kg) 45,86 -2,3% 41,58 -7,0% 61,54 -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

Show/Hide Global Snapshot in €

/Ton US
(2025-12-05)
OCEANIA
(1764889200)
EU¹
(2025-12-03)
GDT²
(2025-12-02)
Product Value % Chg* Value % Chg* Value % Chg* Value % Chg*
CHEESE 2.608 -6,8% 3.982 +2,8% 4.221 -2,9% 3.946 +5,9%
BUTTER 2.792 +1,2% 4.820 -10,4% 4.575 -5,7% 4.414 -12,3%
SMP 2.177 -1,5% 2.179 -2,5% 2.075 -0,5% 2.128 -2,8%
WMP 3.427 -2,0% 2.898 -3,2% 3.035 -7,3% 2.883 -2,9%
WHEY POWDER 1.325 -0,7%     1.135 +0,9%    
MILK (€/100Kg) 39,27 -3,7% 35,75 -6,2% 52,91 -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

FOCUS Price Products € in real time

  Area Last
updated
± from
prev. price
± from
1 year ago
Price / Quotation
  Whole Milk…
      ▸ “SPOT” Italy 1 Dec 2025 -5,4% -42,6%
      ▸ farm-gate EU (13 country) Oct 2025 -0,4% +7,0%
  PDO cheeses…
      ▸ hard Italy 4 Dec 2025 -0,1% +8,9%
      ▸ semi-hard Italy 1 Dec 2025 0,0% +3,8%
      ▸ fresh Italy 1 Dec 2025 0,0% +5,8%
Cheeses Germany and Oceania 5 Dec 2025 -11,5% -22,0%
Butter Italy, Germany and Oceania 5 Dec 2025 -7,7% -37,0%
SMP (Skimmed Milk Powder) Germany, Oceania and USA 5 Dec 2025 -2,3% -22,6%
Whey powder Germany and USA 5 Dec 2025 -0,4% +3,9%
  Feed input
      ▸ Corn Italy and USA 4 Dec 2025 +0,3% +1,8%
      ▸ Soybeans Italy and USA 4 Dec 2025 -0,9% -1,4%
      ▸ GMO Soybean Meal Italy 4 Dec 2025 -2,7% -4,3%
Oil Europe 28 Nov 2025 +1,2% -13,2%
Retail price
PDO hard cheeses Italy Oct 2025 +0,2% +13,7%
Fresh cheeses Italy Oct 2025 -1,5% +5,1%
Butter Italy Oct 2025 -0,9% +3,4%
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: Jul 31, 2025 642.295 tons (-0.2% on Jun 30, 2025; +0.9% on Jul, 2024)
    · EU-27
    Consumption (Production + Import - Export): Sep 30,2025 0 tons (-14,4% on Aug 31, 2025; +25,6% on Sep, 2024)
    · ITALY

    Grana Padano Stocks:
    - Marked PDO: Oct 31, 2025 1.895.577 number of wheels (+0,4% on 30 Sep 2025; +10,0% on Oct, 2024)
    - Total: Oct 31, 2025 6.401.126 number of wheels (-1,6% on 30 Sep 2025; +8,5% on Oct, 2024)

  • DRY WHEY Stocks
    · US Stock: Jul 31, 2025 22.937 tons (-12.0% rispetto a Jun 30, 2025; -20.7% rispetto a Jul, 2024)

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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 %

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

CLAL focus on: Sharp Provolone Valpadana PDO - Mandarino

Name:
Provolone Valpadana DOP Piccante – Mandarino
Company
Casearia Bresciana Ca.Bre.
Base:
Cadignano di Verolanuova (BS), Italy
Products:
Grana Padano PDO, Provolone Valpadana PDO, Provolone, Leonessa, grated cheese, milk, butter

Sharp Provolone Valpadana is a product with a protected designation of origin, the result of the best Italian dairy tradition and exclusively made with milk from our territory. In the kitchen, the sharp Provolone Valpadana PDO is essential for those dishes that require a strong and persistent flavor.

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