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Flash Bulletins on the Dairy Market

Reports on specific topics to find engaging answers to market questions

Flash Bulletins on the Dairy Market

Reports on specific topics to find engaging answers to market questions.

November 30, 2018

August 31, 2018

A new Flash Bulletin will be available soon...

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Market News

World

US - Butter stock	In aumento	+14,84%
US - Cheese 40# Blocks price	In aumento	+0,64%
US - Butter, Grade AA price	In calo	-0,66%
US - Acid Casein price	In aumento	+1,59%
US - Rennet Casein price	In aumento	+18,42%
US - Lactose price	In calo	-2,44%

Europe

Austria - Farm gate milk price	In calo	-2,20%
France - Butter 82% price	In aumento	+0,47%
France - Whey Powder price	In calo	-0,39%
D - Sweet Whey feed quality price	In calo	-1,25%
D - Sweet Whey, food quality price	In aumento	+2,04%
Netherlands - Skim Milk Powder feed price	In calo	-1,14%

Italy

I - Parma, Churned butter price	In calo	-1,20%
I - Verona, Spot milk price	In calo	-1,18%
I - Verona, foreign Skim Spot milk price	In calo	-5,88%
I -Verona, foreign Whole Spot milk price	In calo	-2,78%
I - Milan, Spot Milk price from France	In calo	-1,41%
I - Milan, foreign Spot Milk 0,03% price	In calo	-5,88%

click to see the
AGRICULTURAL MARKET News:
PRICES of FEED and FERTILIZERS

Information Note

Market News evidences only the changes; should no price change or no quotation take place, any mention will be made.
The change/variation concerning PRODUCTION/OUTPUT quantity refers to the same period of the previous year.
The change/variation concerning STOCK quantity refers to the previous month.
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.

Global Snapshot

MILK EQUIVALENT | SMP | WMP | BUTTER | CHEESE

Milk Equivalent ('000 Ton)	Δ Milk P.	Δ Imp*	Δ Exp*	Δ Cons*	Balance Δ(P+I-E-C)
Main Players, changes Jan-Dec 2018 on Jan-Dec 2017
EU-28	+0,9% +1.350	+0,1% +1	-0,5% -106	+0,9% +1.342	+115
New Zealand	+2,3% +487	+6,9% +10	-2,2% -399	+2,5% +41	+855
USA	+1,0% +929	-8,8% -162	+14,3% +1.400	+0,9% +763	-1.397
Australia	-1,8% -174	-7,2% -93	+0,1% +4	+2,4% +180	-452
Belarus	+0,3% +24	-5,4% -4	+5,5% +199	-3,3% -93	-85
Uruguay	+4,0% +79	-2,0% -1	+23,0% +289	0% 0	-211
Argentina	+4,3% +412	-6,1% -3	+26,6% +306	+6,2% +449	-346
Ukraine	-1,8% -183	+41,6% +40	-15,9% -71	-2,3% -195	+123
Chile	+9,2% +190	+1,2% +0	-0,3% -0	+3,1% +16	+174
TOTAL	*+1,0%* +3.112	*-5,2%* -213	*+2,8%* +1.621	*+0,9%* +2.502	-1.224
* 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-28: Eurostat, FEGA, DEFRA, AGEA, Zuivel; New Zealand: DCANZ; USA: 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: IHS Domestic Consumption: FAS-USDA
« Last year Current year »

Milk Equivalent ('000 Ton)	Δ Milk P.	Δ Imp*	Δ Exp*	Δ Cons*	Balance Δ(P+I-E-C)
Main Players, changes Jan-Dec 2017 on Jan-Dec 2016
EU-28	+1,9% +2.896	-18,4% -129	+14,2% +2.506	+1,5% +2.199	-1.938
New Zealand	+1,4% +286	-10,2% -16	-2,9% -535	+5,1% +81	+724
USA	+1,5% +1.416	-6,0% -117	+6,1% +559	+0,7% +614	+127
Australia	-0,2% -17	+24,0% +252	-2,7% -106	+5,5% +400	-58
Belarus	+2,5% +182	-59,3% -107	-2,9% -108	+6,7% +176	+6
Uruguay	+8,4% +154	-2,8% -1	-17,2% -261	0% 0	+414
Argentina	-1,9% -189	+56,9% +16	-27,8% -441	-6,1% -467	+736
Ukraine	-1,0% -107	+44,3% +30	-7,6% -37	-5,0% -438	+398
Chile	-0,0% -1	+70,9% +5	-1,6% -1	+3,2% +16	-11
TOTAL	*+1,5%* +4.621	*-1,6%* -67	*+2,8%* +1.575	*+1,0%* +2.580	+399
* 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-28: Eurostat, FEGA, DEFRA, AGEA, Zuivel; New Zealand: DCANZ; USA: 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: IHS Domestic Consumption: FAS-USDA
« Last year Current year »

SMP ('000 Tons)	Δ Prod	Δ Imp*	Δ Exp*	Δ Cons*	Balance Δ(P+I-E-C)
Main Players, changes Jan-Nov 2018 on Jan-Nov 2017
EU-28	-0,0% -1	+60,3% +1	+3,0% +22	+14,3% +105	-125
USA	-2,7% -26	+50,6% +0	+21,5% +118	-20,7% -81	-63
New Zealand	-14,1% -48	+61,3% +1	-11,4% -39	0% 0	-8
Australia	+9,8% +16	+62,2% +5	-1,3% -2	+1,2% +1	+22
TOTAL	*-2,1%* -59	*+61,0%* +7	*+5,6%* +98	*+2,1%* +25	-174
Information Note SOURCE Production: EU-28: Eurostat, data estimated by CLAL; New Zealand: The Data are calculated by applying the incidence of WMP export on Total Dairy export to the annual production data (Source: FAS-USDA). The same calculation is used also to the current year data, applying the incidence calculated for the previous year. USA: National Agricultural Statistics Service; Australia: Dairy Australia; Import/Export: IHS Domestic Consumption: Data calculated by applying the incidence of FAS-USDA consumption (compared to FAS-USDA productions) to the production data (retrieved from local sources).
« Last year Current year »

SMP ('000 Tons)	Δ Prod	Δ Imp*	Δ Exp*	Δ Cons*	Balance Δ(P+I-E-C)
Main Players, changes Jan-Dec 2017 on Jan-Dec 2016
EU-28	-2,1% -30	-33,3% -1	+34,7% +201	+20,8% +137	-370
USA	+2,3% +24	+106,6% +1	+2,3% +14	-4,9% -22	+33
New Zealand	-0,6% -3	-27,0% -1	-9,7% -43	0% 0	+40
Australia	-21,6% -51	+25,9% +2	-3,4% -6	+1,2% +1	-45
TOTAL	*-1,9%* -60	*+2,8%* +0	*+9,3%* +166	*+9,7%* +116	-342
Information Note SOURCE Production: EU-28: Eurostat, data estimated by CLAL; New Zealand: The Data are calculated by applying the incidence of WMP export on Total Dairy export to the annual production data (Source: FAS-USDA). The same calculation is used also to the current year data, applying the incidence calculated for the previous year. USA: National Agricultural Statistics Service; Australia: Dairy Australia; Import/Export: IHS Domestic Consumption: Data calculated by applying the incidence of FAS-USDA consumption (compared to FAS-USDA productions) to the production data (retrieved from local sources).
« Last year Current year »

WMP ('000 Tons)	Δ Prod	Δ Imp*	Δ Exp*	Δ Cons*	Balance Δ(P+I-E-C)
Main Players, changes Jan-Nov 2018 on Jan-Nov 2017
New Zealand	+3,7% +44	+8,0% +0	+0,8% +9	0% 0	+35
EU-28	-2,5% -19	-18,3% -0	-13,9% -51	+6,1% +22	+10
Australia	-15,3% -10	+6,2% +2	+5,5% +3	+9,4% +3	-14
USA	+24,8% +12	-62,3% -13	+88,4% +22	+32,0% +15	-37
TOTAL	*+1,3%* +27	*-23,6%* -12	*-1,1%* -18	*+8,6%* +39	-6
Information Note SOURCE Production: EU-28: Eurostat, BLE, data estimated by CLAL; New Zealand: The Data are calculated by applying the incidence of WMP export on Total Dairy export to the annual production data (Source: FAS-USDA). The same calculation is used also to the current year data, applying the incidence calculated for the previous year. USA: National Agricultural Statistics Service; Australia: Dairy Australia; Import/Export: IHS Domestic Consumption: Data calculated by applying the incidence of FAS-USDA consumption (compared to FAS-USDA productions) to the production data (retrieved from local sources).
« Last year Current year »

WMP ('000 Tons)	Δ Prod	Δ Imp*	Δ Exp*	Δ Cons*	Balance Δ(P+I-E-C)
Main Players, changes Jan-Dec 2017 on Jan-Dec 2016
New Zealand	+4,7% +62	-56,8% -2	-0,1% -2	+33,3% +6	+55
EU-28	+2,7% +21	-72,2% -4	+3,0% +11	+4,2% +16	-10
Australia	+38,3% +21	+71,3% +12	-22,1% -16	+6,7% +2	+46
USA	+24,7% +11	+32,8% +6	-13,4% -4	+25,0% +10	+11
TOTAL	*+5,2%* +116	*+25,0%* +11	*-0,5%* -10	*+7,3%* +34	+102
Information Note SOURCE Production: EU-28: Eurostat, BLE, data estimated by CLAL; New Zealand: The Data are calculated by applying the incidence of WMP export on Total Dairy export to the annual production data (Source: FAS-USDA). The same calculation is used also to the current year data, applying the incidence calculated for the previous year. USA: National Agricultural Statistics Service; Australia: Dairy Australia; Import/Export: IHS Domestic Consumption: Data calculated by applying the incidence of FAS-USDA consumption (compared to FAS-USDA productions) to the production data (retrieved from local sources).
« Last year Current year »

BUTTER ('000 Tons)	Δ Prod	Δ Imp*	Δ Exp*	Δ Cons*	Balance Δ(P+I-E-C)
Main Players, changes Jan-Nov 2018 on Jan-Nov 2017
New Zealand	+8,8% +41	-14,8% -0	+7,8% +30	+3,6% +1	+10
EU-28	+0,3% +7	+20,5% +3	-7,3% -12	+1,5% +28	-6
USA	+2,2% +17	+31,8% +12	+59,0% +18	+0,2% +2	+9
Australia	-6,9% -4	+21,6% +7	+2,7% +0	+6,1% +6	-4
TOTAL	*+1,9%* +61	*+25,8%* +22	*+6,3%* +37	*+1,3%* +37	+9
Information Note SOURCE Production: EU-28: Eurostat; New Zealand: The Data are calculated by applying the incidence of BUTTER export on Total Dairy export to the annual production data (Source: FAS-USDA). The same calculation is used also to the current year data, applying the incidence calculated for the previous year. USA: National Agricultural Statistics Service; Australia: Dairy Australia; Import/Export: IHS Domestic Consumption: Data calculated by applying the incidence of FAS-USDA consumption (compared to FAS-USDA productions) to the production data (retrieved from local sources).
« Last year Current year »

BUTTER ('000 Tons)	Δ Prod	Δ Imp*	Δ Exp*	Δ Cons*	Balance Δ(P+I-E-C)
Main Players, changes Jan-Dec 2017 on Jan-Dec 2016
New Zealand	-7,7% -44	-63,1% -1	-13,7% -69	0% 0	+24
EU-28	-0,1% -1	-28,3% -6	-17,2% -36	+0,9% +19	+10
USA	+0,4% +4	-6,9% -3	+18,2% +5	0% 0	-5
Australia	-22,0% -16	+17,8% +5	-48,4% -15	+12,7% +13	-9
TOTAL	*-1,6%* -57	*-5,5%* -5	*-14,9%* -115	*+1,1%* +32	+20
Information Note SOURCE Production: EU-28: Eurostat; New Zealand: The Data are calculated by applying the incidence of BUTTER export on Total Dairy export to the annual production data (Source: FAS-USDA). The same calculation is used also to the current year data, applying the incidence calculated for the previous year. USA: National Agricultural Statistics Service; Australia: Dairy Australia; Import/Export: IHS Domestic Consumption: Data calculated by applying the incidence of FAS-USDA consumption (compared to FAS-USDA productions) to the production data (retrieved from local sources).
« Last year Current year »

CHEESE ('000 Tons)	Δ Prod	Δ Imp*	Δ Exp*	Δ Cons*	Balance Δ(P+I-E-C)
Main Players, changes Jan-Nov 2018 on Jan-Nov 2017
EU-28	+0,4% +36	+0,1% +0	+0,7% +6	+1,0% +82	-51
USA	+2,5% +129	-4,3% -7	+1,7% +5	+2,3% +118	-2
New Zealand	-5,9% -19	+1,6% +0	-6,4% -19	+4,3% +2	-1
Australia	+5,4% +17	-14,8% -16	+0,9% +1	+1,7% +5	-5
TOTAL	*+1,1%* +162	*-6,7%* -23	*-0,5%* -7	*+1,5%* +206	-59
Information Note SOURCE Production: EU-28: Eurostat, CSO, data estimated by CLAL; New Zealand: The Data are calculated by applying the incidence of CHEESE export on Total Dairy export to the annual production data (Source: FAS-USDA). The same calculation is used also to the current year data, applying the incidence calculated for the previous year. USA: National Agricultural Statistics Service; Australia: Dairy Australia; Import/Export: IHS Domestic Consumption: Data calculated by applying the incidence of FAS-USDA consumption (compared to FAS-USDA productions) to the production data (retrieved from local sources).
« Last year Current year »

CHEESE ('000 Tons)	Δ Prod	Δ Imp*	Δ Exp*	Δ Cons*	Balance Δ(P+I-E-C)
Main Players, changes Jan-Dec 2017 on Jan-Dec 2016
EU-28	+2,8% +256	-15,6% -11	+3,7% +29	+2,5% +211	+5
USA	+3,9% +217	-10,4% -21	+18,6% +54	+2,3% +122	+20
New Zealand	+4,6% +16	+9,2% +1	-3,5% -12	+9,5% +4	+25
Australia	+6,6% +22	+17,4% +17	+2,5% +4	+5,8% +16	+19
TOTAL	*+3,3%* +511	*-3,7%* -14	*+4,7%* +75	*+2,5%* +353	+69
Information Note SOURCE Production: EU-28: Eurostat, CSO, data estimated by CLAL; New Zealand: The Data are calculated by applying the incidence of CHEESE export on Total Dairy export to the annual production data (Source: FAS-USDA). The same calculation is used also to the current year data, applying the incidence calculated for the previous year. USA: National Agricultural Statistics Service; Australia: Dairy Australia; Import/Export: IHS Domestic Consumption: Data calculated by applying the incidence of FAS-USDA consumption (compared to FAS-USDA productions) to the production data (retrieved from local sources).
« Last year Current year »


/Ton	US (2019-03-22)		OCEANIA (2019-03-15)		EU¹ (2019-03-20)		GDT² (2019-03-19)
Product	Value	% Chg*	Value	% Chg*	Value	% Chg*	Value	% Chg*
CHEESE	3.461	+0,6%	3.950	+3,9%	3.694	-0,8%	4.126	+8,0%
BUTTER	4.993	-0,7%	4.688	+5,9%	4.657	+0,7%	5.180	+10,8%
SMP	2.116	-0,5%	2.675	+1,4%	2.215	-0,5%	2.357	-2,7%
WMP	3.583	0,0%	3.200	+5,8%	3.203	+0,7%	3.298	+3,5%
WHEY POWDER	898	-2,4%			1.079	+2,9%
MILK (US$/100Kg)	36,60	+1,2%	34,24	+2,3%	39,82	-0,4%
Change from previous price ¹ Prices refer to Germany. Cheese and Milk European prices refer to Milk Market Observatory. ² Contract 2 GDT n.a.*: not available

Show/Hide Global Snapshot in €

/Ton	US (2019-03-22)		OCEANIA (2000-01-01)		EU¹ (2019-03-20)		GDT² (2019-03-19)
Product	Value	% Chg*	Value	% Chg*	Value	% Chg*	Value	% Chg*
CHEESE	3.040	-0,2%			3.292	+0,6%	3.636	+7,9%
BUTTER	4.385	-1,5%			4.100	0,0%	4.564	+10,7%
SMP	1.859	-1,2%			1.950	-1,3%	2.077	-2,8%
WMP	3.146	-0,7%			2.820	0,0%	2.906	+3,3%
WHEY POWDER	789	-3,1%			950	+2,2%
MILK (€/100Kg)	32,06	+0,9%			35,08	+0,1%
Change from previous price ¹ Prices refer to Germany. Cheese and Milk European prices refer to 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	18 Mar 2019	-1,5%	+28,8%
▸ farm-gate	EU-27	28 Feb 2019	-0,8%	-0,0%
▸ farm-gate	USA	31 Jan 2019	+0,9%	+10,2%
PDO cheeses…
▸ hard	Italy	21 Mar 2019	0,0%	+13,4%
▸ semi-hard	Italy	18 Mar 2019	0,0%	+6,7%
▸ fresh	Italy	18 Mar 2019	0,0%	+6,6%
Cheeses	Germany and Oceania	20 Mar 2019	+2,4%	+7,6%
Butter	Italy, Germany and Oceania	20 Mar 2019	+2,0%	-11,3%
SMP (Skimmed Milk Powder)	Germany, Oceania and USA	22 Mar 2019	-0,2%	+50,5%
Whey powder	Germany and USA	22 Mar 2019	-2,5%	+47,6%
Corn	Italy and USA	19 Mar 2019	+0,1%	+6,7%
Soybeans	Italy and USA	19 Mar 2019	+0,1%	-7,6%
Oil	Europe	15 Mar 2019	+1,5%	+2,4%
Retail price
PDO hard cheeses	Italy	Feb 2019	+0,5%	+6,4%
Fresh cheeses	Italy	Feb 2019	-0,7%	-0,5%
Butter	Italy	Feb 2019	-0,9%	+0,1%

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

Global Milk Supply in the Key Exporters of Dairy Products: -0,4% (Jan'19 - Feb'19)

Dairy Products Production in some Key Exporting Countries

Milk Powders (WMP and SMP), Butter and Cheese Exports of the main Exporting countries +5,48% (Nov'18 - Dec'18)

Butter Stocks
· EU-28 31 Jan 2019: 0 tons (no variation compared to 31 Dec 2018; no variation compared to Jan 2018)
· USA 28 Feb 2019: 110.003 tons (+14,8% compared to 31 Jan 2019; -8,7% compared to Feb 2018)

SMP Stocks
· EU-28 28 Feb 2019: 1.284 tons (-98,8% compared to 31 Jan 2019; -99,7% compared to Feb 2018)
· USA 31 Jan 2019: 128.643 tons (+3,2% compared to 31 Dec 2018; -7,6% compared to Jan 2018)

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CLAL is an Italian Dairy Economic Consulting firm that analyses the Dairy Market, describes trends and provides data, news and synthesis thanks to information and training activities.

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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.

▸ EU-28 Milk in packings of > 2 L Export: -15,2% (Jan '19) **
▸ EU-28 SMP Export: +53,0% (Jan '19) **
▸ Malaysia SMP Import: +85,5% (Dec '18) **
▸ Russia Butter Import: +53,1% (Jan '19) **

Show/Hide all ALERT

▸ EU-28 Butter Export: -20,4% (Jan '19) **
▸ Russia Cream Import: -23,7% (Jan '19) **
▸ Argentina Cheese Export: -15,2% (Jan '19) **
▸ EU-28 Milk in packings of <= 2 L Export: +16,1% (Jan '19) **
▸ Korea, South Cheese Import: +19,7% (Feb '19) **
▸ Korea, South Cream Import: +21,7% (Feb '19) **
▸ Malaysia Cream Import: +36,0% (Dec '18) **

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

CLAL.it provides the Operators with a range of updated information.

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The butterfat supplies are not enough to cover demand in South America [News South America n°5/2019]
Period: March 4 – 15, 2019 Milk production is steady to slightly up in South America, as temperatures remain high. Sporadic rains ... read
Buying interest continues [News Oceania n°6/2019]
Period: March 4 – 15, 2019 Seasonal Milk production in Australia, July 2018 – January 2019, was -5.8% than last year. January ... read
Will milk producers benefit from a better corn harvest? [News South America n°4/2019]
Period: February 18 – March 1, 2019 The climate has been favorable in the main dairy basins of Argentina, Paraguay, Uruguay and ... read

GlobalDairyTrade results of March 19, 2019

Change in Price Index from Previous Event: +1,9 %
Average Winning Price: 3.324 US$ / Ton

	Average price USD / Ton	Change
AMF (Anhydrous Milk Fat)	5.662	-3,1 %
BMP (Butter Milk Powder)	n.a.	-
BUTTER 82%	5.089	+9,3 %
RENNET CASEIN	6.190	+9,7 %
CHEDDAR	4.036	+3,9 %
LACTOSE	1.000	-1,0 %
MPC (Milk Protein Concentrate)	n.a.	-
SMP (Skim. milk Powder)	2.405	-2,4 %
SWP (Sweet Whey Powder)	n.a.	-
WMP (Whole milk Powder)	3.317	+4,0 %

Next GlobalDairyTrade Event: April 02, 2019

ITALY: Import/Export as of December 31, 2018

Exports of G.Padano + P.Reggiano:	+5,64 %
Exports of Gorgonzola:	+2,45 %
Exports of Grated cheese:	+5,32 %

Imports of Full-fat bulk milk:	-3,42 %
Imports of Packed semi-skimmed milk:	-7,40 %

Next Update: April 17, 2019

December 2018: Quarterly Macroeconomic Outlook
Macroeconomic Outlook edited by the Research Department of Intesa Sanpaolo Group, Italy

a new project: Sistema Stalla

Performance and Competitiveness of Italian Dairy Farms

CLAL focus on: Brazzale Spa

Name:: Burro delle Alpi - Butter of the Alps

Company:: Brazzale S.p.A.
Base:: Zanè (VI), Italy
Establishment year:: 1837
Market:: 54+ countries over the world

Products:: butter, cheese, meat

Brazzale S.p.A., family business operating from 1837 between the Veneto plain and Asiago tableland, registered address in Zanè (Vicenza), has reached a leading position in Italy in the market of packed butter, both with its brand "Burro delle Alpi" and third's ones.

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Clal opens up a showcase for innovative technological products. Each product is linked with a technical sheet and a Company profile.

Agricultural Market Feed

I - Milan, Pressed forst corp hay price	In calo	-2,10%
I - Milan, Italian Sorghum	In calo	-0,52%
I- Milan, linseed cake price	In aumento	+1,28%
I - Milan, Dehydrated lucerne price	In calo	-2,92%
I- Milan, Italian Soybeans flour price	In aumento	+0,90%
I - Milan, Italian higher common wheat	In calo	-0,44%
I - Milan, pressed lucerne hay price	In calo	-3,36%
US - Soybeans Price	In aumento	+0,70%
US - Maize price	In aumento	+0,56%
US - Wheat Price	In aumento	+0,96%

Information Note

Market News evidences only the changes; should no price change or no quotation take place, any mention will be made.
The change/variation concerning PRODUCTION/OUTPUT quantity refers to the same period of the previous year.
The change/variation concerning STOCK quantity refers to the previous month.
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.

Feed Cost

Weight of the Protein Component	44%
Simulated Feed Ration (vs prev month)	-1.28%
Milk:Feed Ratio	1.72

Prices of Fertilizers

I - Modena, Triple superphosphate granular 46%	Stabile	444	€/ton	0.00%
I - Modena, Ammonium nitrate prilled 26%	Stabile	297	€/ton	0.00%
I - Modena, Urea prilled 46%	Stabile	438	€/ton	0.00%