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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

Ukraine - Milk production	In calo	-0,20%
Uruguay - Milk Delivery	In calo	-3,46%
Malaysia - Palm oil price	In aumento	+1,26%
New Zealand - Farm-gate milk price	In aumento	+0,03%
US - Cheese 40# Blocks price	In calo	-0,53%
US - Butter, Grade AA price	In aumento	+0,33%

Europe

Romania - Farm gate milk price	In aumento	+2,34%
D - Hannover, Gouda 45% price	In calo	-1,69%
D - Hannover, Edamer 40% price	In calo	-1,69%
Netherlands - Skim Milk Powder feed price	In aumento	+4,43%
Netherlands - Skim Milk Powder ADPI price	In aumento	+2,73%
Netherlands - Whole Milk Powder price	In aumento	+0,72%

Italy

I - Mantua,Grana Padano 10 months price	In aumento	+0,64%
I - Mantua,Grana Padano 14-16 mo. price	In aumento	+0,60%
I - Parmigiano Regg Cheese - Production	In calo	-1,53%
I-Reggio Em.Parmig.Regg 24 mo. price	In aumento	+0,38%
I -Verona, foreign Whole Spot milk price	In aumento	+8,57%
I - Verona, Spot milk price	In aumento	+1,16%

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-Oct 2018 on Jan-Oct 2017
EU-28	+1,2% +1.546	+1,4% +6	-0,8% -129	+0,9% +1.122	+559
New Zealand	+2,2% +342	+14,2% +16	-5,3% -723	+2,5% +34	+1.047
USA	+1,0% +852	-8,9% -134	+19,8% +1.584	+0,9% +636	-1.502
Australia	-0,6% -42	-5,9% -63	+0,6% +17	+2,4% +150	-273
Belarus	+0,4% +22	-6,3% -4	-0,0% -0	-3,3% -78	+96
Uruguay	+7,7% +121	-8,6% -3	+24,6% +241	0% 0	-123
Argentina	+5,6% +439	-65,1% -24	+18,1% +167	+6,2% +374	-126
Ukraine	-2,5% -224	+45,3% +33	-13,2% -52	-2,3% -163	+24
Chile	+8,6% +138	+8,5% +1	-3,3% -2	+3,1% +13	+128
TOTAL	*+1,2%* +3.194	*-5,1%* -172	*+2,3%* +1.104	*+0,9%* +2.089	-170
* 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% +2.897	-18,4% -129	+14,2% +2.504	+1,5% +2.195	-1.930
New Zealand	+1,4% +286	-10,2% -16	-2,9% -535	+5,1% +81	+724
USA	+1,4% +1.388	-6,0% -117	+6,1% +559	+0,7% +614	+99
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	+6,0% +111	-2,8% -1	-17,2% -261	0% 0	+371
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%* +4.551	*-1,6%* -67	*+2,8%* +1.573	*+1,0%* +2.575	+336
* 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-Jun 2018 on Jan-Jun 2017
EU-28	+4,2% +30	+36,8% +1	-3,3% -14	+14,3% +57	-12
USA	-0,0% -0	+419,1% +1	+25,1% +78	-20,7% -44	-33
New Zealand	-6,4% -12	+18,8% +0	-3,5% -7	0% 0	-5
Australia	+5,7% +4	+41,9% +2	-0,1% -0	+1,2% +1	+6
TOTAL	*+1,4%* +22	*+44,8%* +3	*+5,7%* +57	*+2,1%* +14	-45
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	-2,0% -28	-33,3% -1	+34,7% +201	+20,8% +137	-367
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%* -58	*+2,8%* +0	*+9,3%* +166	*+9,7%* +116	-340
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-Jun 2018 on Jan-Jun 2017
New Zealand	-0,1% -1	+49,5% +0	-2,9% -20	0% 0	+20
EU-28	-3,9% -17	-12,7% -0	-11,9% -25	+6,3% +12	-4
Australia	+23,2% +6	+9,3% +1	+17,6% +5	+9,4% +2	+0
USA	+83,5% +21	-62,1% -7	+106,7% +13	+32,0% +8	-7
TOTAL	*+0,8%* +9	*-22,3%* -6	*-2,9%* -27	*+8,7%* +22	+9
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	+4,1% +15	-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	*+5,3%* +116	*+25,0%* +11	*-0,5%* -10	*+7,2%* +33	+103
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-Jun 2018 on Jan-Jun 2017
New Zealand	+10,4% +28	-63,6% -0	+9,4% +21	+3,6% +0	+6
EU-28	+1,6% +18	-13,7% -1	-8,9% -9	+1,5% +15	+10
USA	+4,0% +18	+11,7% +2	+57,9% +9	+0,2% +1	+11
Australia	+8,8% +2	+13,9% +3	-10,5% -1	+6,1% +3	+2
TOTAL	*+3,5%* +65	*+8,3%* +4	*+5,9%* +20	*+1,3%* +20	+29
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	-0,5% -10	-28,3% -6	-17,2% -36	+0,9% +19	+1
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	*-1,8%* -66	*-5,5%* -5	*-14,9%* -115	*+1,1%* +32	+11
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-Jun 2018 on Jan-Jun 2017
EU-28	+1,3% +62	+6,0% +2	-0,2% -1	+1,0% +45	+20
USA	+2,2% +63	-8,4% -7	+7,2% +13	+2,3% +65	-22
New Zealand	-6,7% -13	-1,3% -0	-7,2% -13	+4,3% +1	-1
Australia	+7,6% +12	-8,0% -5	-0,3% -0	+1,7% +3	+5
TOTAL	*+1,6%* +124	*-5,9%* -11	*-0,1%* -1	*+1,5%* +113	+2
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	+2,7% +248	-15,6% -11	+3,7% +29	+2,5% +211	-3
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%* +503	*-3,7%* -14	*+4,7%* +75	*+2,5%* +353	+61
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 (2019-01-11)		OCEANIA (2019-01-04)		EU¹ (2019-01-16)		GDT² (2019-01-15)
Product	Value	% Chg*	Value	% Chg*	Value	% Chg*	Value	% Chg*
CHEESE	3.109	-0,5%	3.438	+7,0%	3.482	-0,4%	3.550	+5,4%
BUTTER	4.977	+0,3%	4.113	+7,2%	5.141	+1,0%	4.270	+5,0%
SMP	2.138	+4,9%	2.250	+11,8%	2.148	+2,6%	2.377	+9,5%
WMP	3.450	+1,0%	2.713	+2,4%	3.199	+1,7%	2.755	+2,7%
WHEY POWDER	1.036	+3,3%			1.034	+1,5%
MILK (US$/100Kg)	38,36	+4,2%	33,21	+3,8%	40,84	-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 (2019-01-11)		OCEANIA (2000-01-01)		EU¹ (2019-01-16)		GDT² (2019-01-15)
Product	Value	% Chg*	Value	% Chg*	Value	% Chg*	Value	% Chg*
CHEESE	2.695	-2,1%			3.054	0,0%	3.096	+5,2%
BUTTER	4.315	-1,3%			4.500	+1,1%	3.724	+4,8%
SMP	1.854	+3,2%			1.880	+2,7%	2.073	+9,4%
WMP	2.991	-0,7%			2.800	+1,8%	2.403	+2,6%
WHEY POWDER	898	+1,6%			905	+1,7%
MILK (€/100Kg)	33,40	+5,8%			35,87	-0,5%
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	14 Jan 2019	+8,7%	+28,7%
▸ farm-gate	EU-27	31 Dec 2018	+0,9%	-4,9%
PDO cheeses…
▸ hard	Italy	17 Jan 2019	+0,9%	+12,1%
▸ semi-hard	Italy	14 Jan 2019	+1,0%	+2,8%
▸ fresh	Italy	14 Jan 2019	+1,8%	+4,2%
Cheeses	Germany and Oceania	16 Jan 2019	+0,6%	+6,1%
Butter	Italy, Germany and Oceania	16 Jan 2019	+2,7%	+2,8%
SMP (Skimmed Milk Powder)	Germany, Oceania and USA	16 Jan 2019	+5,5%	+36,5%
Whey powder	Germany and USA	16 Jan 2019	+3,5%	+63,3%
Corn	Italy and USA	15 Jan 2019	+1,6%	+6,2%
Soybeans	Italy and USA	15 Jan 2019	+0,4%	-4,2%
Oil	Europe	11 Jan 2019	+8,0%	-15,6%
Retail price
PDO hard cheeses	Italy	Nov 2018	+3,5%	-1,9%
Fresh cheeses	Italy	Nov 2018	-0,4%	-0,3%
Butter	Italy	Nov 2018	-0,6%	+0,3%

Percentage price changes relate to (i) the last quotation period, and to (ii) the same period of the previous year

CLICK HERE for further information.

World Supply and Demand

Global Milk Supply in the Key Exporters of Dairy Products: +1,1% (Jan'18 - Dec'18)

Dairy Products Production in some Key Exporting Countries

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

Butter Stocks
· EU-28 30 Nov 2018: 0 tons (no variation compared to 31 Oct 2018; no variation compared to Nov 2017)
· USA 30 Nov 2018: 69.731 tons (-33,4% compared to 31 Oct 2018; -3,5% compared to Nov 2017)

SMP Stocks
· EU-28 30 Nov 2018: 219.990 tons (-12,9% compared to 31 Oct 2018; -42,3% compared to Nov 2017)
· USA 31 Oct 2018: 114.731 tons (-3,6% compared to 30 Sep 2018; -20,2% compared to Oct 2017)

CLALenter

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:

export share of production of Grana Padana, Parmigiano Reggiano and Gorgonzola cheeses,
Cheese, Butter, Powder and Packed Milk import and export flows of the main dairy players.

Export share of production:
▸ Grana Padano + Parmigiano Reggiano +1,9 % points (Jan-Oct '18) *
▸ Gorgonzola +0,2 % points (Jan-Oct '18) *

▸ Belarus Cheese Export: +30,1% (Nov '18) **
▸ Russia Cheese Import: +106,7% (Nov '18) **
▸ Malaysia SMP Import: +39,7% (Oct '18) **
▸ Malaysia Cream Import: +56,1% (Oct '18) **

Show/Hide all ALERT

▸ Russia Butter Import: +84,1% (Nov '18) **
▸ Belarus Milk in packings of > 2 L Export: +282,2% (Nov '18) **

Access the Dairy World Trade section » to analyse more in depth

* Compared to the same period of the previous year

** 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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Brazil milk production expected to grow throughout 2019 [News South America n°1/2019]
Period: December 10, 2018 - January 4, 2019 In Argentina, heavy rain maintained adequate moisture for corn and soybean crops’ growth. ... read
Fonterra introduces the Fixed Milk Price [News Oceania n°1/2019]
Period: December 10, 2018 – January 4, 2019 Australian dairy market activity is very thin this period due to various holidays. Recent ... read
EU-28 is the main supplier of Beijing
EU-28 remains the main supplier of China (view graph), followed by New Zealand, which has declining export quantities in the first 10 months... read

ITALY: Import/Export as of October 31, 2018

Exports of G.Padano + P.Reggiano:	+6,07 %
Exports of Gorgonzola:	+3,12 %
Exports of Grated cheese:	+6,39 %

Imports of Full-fat bulk milk:	-4,46 %
Imports of Packed semi-skimmed milk:	-5,27 %

Next Update: February 15, 2019

GlobalDairyTrade results of January 15, 2019

Change in Price Index from Previous Event: +4,2 %
Average Winning Price: 3.057 US$ / Ton

	Average price USD / Ton	Change
AMF (Anhydrous Milk Fat)	5.294	+3,2 %
BMP (Butter Milk Powder)	n.a.	0 %
BUTTER 82%	4.262	+4,6 %
RENNET CASEIN	5.047	-1,4 %
CHEDDAR	3.504	+4,2 %
LACTOSE	1.032	+7,9 %
MPC (Milk Protein Concentrate)	n.a.	0 %
SMP (Skim. milk Powder)	2.405	+10,3 %
SWP (Sweet Whey Powder)	n.a.	0 %
WMP (Whole milk Powder)	2.777	+3,0 %

Next GlobalDairyTrade Event: February 06, 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: Nonno Nanni Lactose Free Line

Name:: Nonno Nanni Lactose Free Line

Company:: Latteria Montello S.p.A.
Headquarter and production site:: Italy - Giavera del Montello (TV

Products:: Nonno Nanni Fresh Cheeses

Nonno Nanni knows how to tempt the palates of the whole family, and even those who are lactose intolerant or sensitive, with its lactose free range of products.

Lactose Free Fresco Spalmabile, Robiola, Cow's Milk Caprino and Mascarpone are the new products that Nonno Nanni makes available to all those people who have never been able to savour the goodness of his cheeses because they are intolerant to or have difficulty digesting lactose.

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CLAL for Tech

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, Italian Sorghum	In aumento	+1,02%
I - Milan, Hard wheat, Center Italy	In aumento	+1,25%
I - Milan, Hard wheat, North Italy	In aumento	+1,28%
I- Milan, Italian Soybeans flour price	In calo	-1,13%
I - Milan, Italian Corn price	In aumento	+1,62%
I - Milan, Bran price	In aumento	+3,25%
I - Milan, Italian soybeans price	In aumento	+0,87%
I - Milan EU barley price	In aumento	+1,26%
I - Milan, Italian higher common wheat	In aumento	+2,65%
US - Wheat Price	In aumento	+1,36%
US - Soybeans Price	In calo	-2,17%
US - Maize price	In aumento	+0,59%

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	45%
Simulated Feed Ration (vs prev month)	+0.53%
Milk:Feed Ratio	1.59

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%