CLAL - Advisory in Dairy and Food Product

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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-Mar 2019 on Jan-Mar 2018
New Zealand	+0,4% +24	+0,7% +0	+16,6% +812	+1,0% +4	-792
EU-28	+0,0% +9	+11,3% +16	+13,5% +666	+0,4% +148	-789
USA	+0,1% +29	-3,8% -16	-4,5% -128	+1,7% +385	-245
Belarus	+0,3% +4	-6,0% -1	+14,3% +121	+2,0% +14	-132
Australia	-11,1% -237	-5,2% -18	-4,8% -48	+2,9% +57	-264
Uruguay	-8,7% -39	-9,9% -1	+23,8% +65	0% 0	-105
Argentina	-8,3% -195	+39,7% +4	-11,6% -34	+2,6% +51	-207
Ukraine	-2,1% -41	+35,7% +10	-24,4% -19	+0,1% +2	-14
Chile	+1,3% +7	+59,5% +1	+7,1% +1	+3,0% +4	+3
TOTAL	*-0,6%* -438	*-0,4%* -5	*+9,5%* +1.436	*+1,0%* +664	-2.543
* 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; 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: EU-28: Eurostat; New Zealand: Stat.nz; US: Census Bureau. Domestic Consumption: FAS-USDA 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 »

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
New Zealand	+2,3% +487	+6,9% +10	-2,2% -399	+2,5% +41	+855
EU-28	+0,9% +1.328	+0,1% +1	-0,6% -114	+0,9% +1.342	+101
USA	+1,0% +929	+5,6% +106	+14,3% +1.397	+0,9% +763	-1.125
Belarus	+0,3% +24	-5,4% -4	+5,5% +199	-3,3% -93	-85
Australia	-1,8% -173	-7,2% -93	-0,2% -8	+2,4% +180	-438
Uruguay	+7,2% +143	-2,0% -1	+23,0% +289	0% 0	-147
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%* +3.157	*+1,3%* +56	*+2,7%* +1.598	*+0,9%* +2.502	-888
* 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; 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: EU-28: Eurostat; New Zealand: Stat.nz; US: Census Bureau. Domestic Consumption: FAS-USDA 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 »

SMP ('000 Tons)	Δ Prod	Δ Imp*	Δ Exp*	Δ Cons*	Balance Δ(P+I-E-C)
Main Players, changes Jan-Mar 2019 on Jan-Mar 2018
EU-28	-4,6% -18	-3,4% -0	+35,1% +68	+1,5% +4	-89
USA	-1,0% -3	+177,5% +0	-9,5% -17	+13,6% +12	+3
New Zealand	+3,4% +4	+60,6% +0	+6,2% +7	0% 0	-2
Australia	-11,6% -4	+9,4% +0	+9,0% +4	-15,5% -3	-4
TOTAL	*-2,4%* -20	*+17,7%* +1	*+11,6%* +61	*+3,5%* +12	-92
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. US: National Agricultural Statistics Service; Australia: Dairy Australia; Import/Export: EU-28: Eurostat; New Zealand: Stat.nz; US: Census Bureau. 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). 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 »

SMP ('000 Tons)	Δ Prod	Δ Imp*	Δ Exp*	Δ Cons*	Balance Δ(P+I-E-C)
Main Players, changes Jan-Dec 2018 on Jan-Dec 2017
EU-28	-0,4% -6	+41,1% +1	+5,2% +40	+14,3% +114	-159
USA	-1,1% -11	-7,6% -0	+17,6% +107	-20,7% -88	-30
New Zealand	-3,2% -13	+35,7% +1	-10,7% -43	0% 0	+31
Australia	+7,4% +14	+59,4% +5	-1,4% -2	+1,2% +1	+20
TOTAL	*-0,5%* -16	*+46,3%* +6	*+5,3%* +102	*+2,1%* +27	-139
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. US: National Agricultural Statistics Service; Australia: Dairy Australia; Import/Export: EU-28: Eurostat; New Zealand: Stat.nz; US: Census Bureau. 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). 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 »

WMP ('000 Tons)	Δ Prod	Δ Imp*	Δ Exp*	Δ Cons*	Balance Δ(P+I-E-C)
Main Players, changes Jan-Mar 2019 on Jan-Mar 2018
New Zealand	+20,3% +80	-26,5% -0	+22,0% +84	0% 0	-4
EU-28	-8,8% -18	>1000% +2	-25,8% -24	-5,1% -5	+14
Australia	-66,4% -11	+23,1% +1	-42,5% -8	+5,7% +1	-2
USA	-6,0% -1	-36,8% -4	-36,8% -4	-27,3% -5	+3
TOTAL	*+7,8%* +50	*-3,2%* -1	*+9,5%* +48	*-6,9%* -9	+11
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. US: National Agricultural Statistics Service; Australia: Dairy Australia; Import/Export: EU-28: Eurostat; New Zealand: Stat.nz; US: Census Bureau. 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). 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 »

WMP ('000 Tons)	Δ Prod	Δ Imp*	Δ Exp*	Δ Cons*	Balance Δ(P+I-E-C)
Main Players, changes Jan-Dec 2018 on Jan-Dec 2017
New Zealand	+2,9% +40	+1,5% +0	+2,0% +27	0% 0	+13
EU-28	-2,8% -22	+8,8% +0	-15,1% -59	+6,1% +24	+13
Australia	-18,2% -14	+1,1% +0	+0,5% +0	+9,4% +3	-17
USA	+17,4% +10	+76,4% +21	+76,4% +21	+32,0% +16	-6
TOTAL	*+0,6%* +13	*+36,4%* +21	*-0,6%* -11	*+8,6%* +43	+3
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. US: National Agricultural Statistics Service; Australia: Dairy Australia; Import/Export: EU-28: Eurostat; New Zealand: Stat.nz; US: Census Bureau. 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). 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 »

BUTTER ('000 Tons)	Δ Prod	Δ Imp*	Δ Exp*	Δ Cons*	Balance Δ(P+I-E-C)
Main Players, changes Jan-Mar 2019 on Jan-Mar 2018
New Zealand	+26,6% +36	+299,2% +0	+26,6% +31	0% 0	+5
EU-28	+0,4% +2	+125,4% +3	-20,8% -10	+0,9% +5	+11
USA	-0,7% -2	+53,7% +5	-4,5% -0	+2,4% +5	-1
Australia	-41,0% -5	-12,5% -1	+73,3% +2	+6,6% +2	-11
TOTAL	*+3,3%* +31	*+28,6%* +7	*+12,5%* +22	*+1,5%* +12	+4
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. US: National Agricultural Statistics Service; Australia: Dairy Australia; Import/Export: EU-28: Eurostat; New Zealand: Stat.nz; US: Census Bureau. 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). 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 »

BUTTER ('000 Tons)	Δ Prod	Δ Imp*	Δ Exp*	Δ Cons*	Balance Δ(P+I-E-C)
Main Players, changes Jan-Dec 2018 on Jan-Dec 2017
New Zealand	+1,0% +5	-10,8% -0	+5,2% +22	+3,6% +1	-18
EU-28	+0,4% +10	+35,7% +5	-7,6% -13	+1,5% +30	-2
USA	+2,4% +20	+31,8% +14	+51,5% +18	+0,2% +2	+14
Australia	-9,9% -6	+17,5% +6	+1,4% +0	+6,1% +7	-7
TOTAL	*+0,8%* +29	*+26,9%* +25	*+4,2%* +27	*+1,3%* +40	-13
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. US: National Agricultural Statistics Service; Australia: Dairy Australia; Import/Export: EU-28: Eurostat; New Zealand: Stat.nz; US: Census Bureau. 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). 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 »

CHEESE ('000 Tons)	Δ Prod	Δ Imp*	Δ Exp*	Δ Cons*	Balance Δ(P+I-E-C)
Main Players, changes Jan-Mar 2019 on Jan-Mar 2018
EU-28	+0,2% +4	-0,4% -0	+2,4% +5	+0,7% +15	-17
USA	+0,3% +5	+1,4% +1	+11,0% +10	+3,6% +50	-55
New Zealand	+11,3% +10	-7,8% -0	+10,2% +8	+4,2% +1	+1
Australia	-0,2% -0	-11,6% -4	-10,9% -4	+3,0% +2	-2
TOTAL	*+0,5%* +19	*-3,9%* -3	*+4,5%* +19	*+1,8%* +68	-72
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. US: National Agricultural Statistics Service; Australia: Dairy Australia; Import/Export: EU-28: Eurostat; New Zealand: Stat.nz; US: Census Bureau. 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). 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 »

CHEESE ('000 Tons)	Δ Prod	Δ Imp*	Δ Exp*	Δ Cons*	Balance Δ(P+I-E-C)
Main Players, changes Jan-Dec 2018 on Jan-Dec 2017
EU-28	+0,5% +50	-0,8% -0	+0,5% +4	+1,0% +89	-44
USA	+3,0% +174	-4,0% -7	+2,4% +8	+2,3% +129	+30
New Zealand	+0,2% +1	+2,2% +0	-6,1% -21	+4,3% +2	+20
Australia	+5,5% +19	-15,2% -18	+0,4% +1	+1,7% +5	-4
TOTAL	*+1,5%* +244	*-6,8%* -25	*-0,5%* -8	*+1,5%* +225	+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. US: National Agricultural Statistics Service; Australia: Dairy Australia; Import/Export: EU-28: Eurostat; New Zealand: Stat.nz; US: Census Bureau. 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). 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 (2019-06-14)		OCEANIA (2019-06-07)		EU¹ (2019-06-12)		GDT² (2019-06-18)
Product	Value	% Chg*	Value	% Chg*	Value	% Chg*	Value	% Chg*
CHEESE	3.930	+1,7%	4.050	-23,0%	3.499	-0,5%	n.a.	-
BUTTER	5.214	-1,4%	5.038	-8,6%	4.387	-2,5%	4.565	-7,2%
SMP	2.315	+1,0%	2.425	-5,4%	2.377	+0,2%	2.343	-3,0%
WMP	3.693	-0,6%	3.138	-1,2%	3.368	-0,3%	3.016	-5,0%
WHEY POWDER	783	-1,0%			1.007	-0,4%
MILK (US$/100Kg)	39,02	+1,1%	33,07	-4,3%	38,15	-1,1%
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

Show/Hide Global Snapshot in €

/Ton	US (2019-06-14)		OCEANIA (1559858400)		EU¹ (2019-06-12)		GDT² (2019-06-18)
Product	Value	% Chg*	Value	% Chg*	Value	% Chg*	Value	% Chg*
CHEESE	3.481	+1,5%	3.593	-23,6%	3.138	-0,2%	n.a.	-
BUTTER	4.619	-1,6%	4.469	-9,3%	3.875	-3,1%	4.064	-7,6%
SMP	2.051	+0,8%	2.151	-6,1%	2.100	-0,5%	2.086	-3,4%
WMP	3.271	-0,7%	2.783	-1,9%	2.975	-1,0%	2.685	-5,4%
WHEY POWDER	693	-1,2%			890	-1,1%
MILK (€/100Kg)	34,72	+1,7%	29,43	-3,7%	34,11	-0,7%
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	17 Jun 2019	+5,5%	+2,9%
▸ farm-gate	EU (13 country)	May 2019	-1,0%	+5,9%
▸ farm-gate	USA	Apr 2019	+1,7%	+23,2%
PDO cheeses…
▸ hard	Italy	17 Jun 2019	+0,2%	+13,7%
▸ semi-hard	Italy	17 Jun 2019	0,0%	+6,7%
▸ fresh	Italy	17 Jun 2019	0,0%	+6,6%
Cheeses	Germany and Oceania	12 Jun 2019	-8,3%	-1,9%
Butter	Italy, Germany and Oceania	17 Jun 2019	-5,4%	-28,8%
SMP (Skimmed Milk Powder)	Germany, Oceania and USA	14 Jun 2019	-1,2%	+29,4%
Whey powder	Germany and USA	14 Jun 2019	-0,6%	+8,4%
Corn	Italy and USA	12 Jun 2019	-0,8%	+0,5%
Soybeans	Italy and USA	12 Jun 2019	-2,1%	-7,3%
Oil	Europe	7 Jun 2019	-8,9%	-14,6%
Retail price
PDO hard cheeses	Italy	Apr 2019	-2,7%	-0,0%
Fresh cheeses	Italy	Apr 2019	+0,1%	+0,6%
Butter	Italy	Apr 2019	-2,1%	-1,5%

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: -0,5% (Jan'19 - May'19)

Dairy Products Production in some Key Exporting Countries

Milk Powders (WMP and SMP), Butter and Cheese Exports of the main Exporting countries +6,53% (Feb'19 - Mar'19)

Butter Stocks
· EU-28 31 Mar 2019: 0 tons (no variation compared to 28 Feb 2019; no variation compared to Mar 2018)
· USA 30 Apr 2019: 131.922 tons (+7,8% compared to 31 Mar 2019; -5,4% compared to Apr 2018)

SMP Stocks
· EU-28 30 Apr 2019: 1.260 tons (-54,1% compared to 31 Mar 2019; -99,7% compared to Apr 2018)
· USA 30 Apr 2019: 125.928 tons (-4,3% compared to 31 Mar 2019; +1,6% compared to Apr 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.

▸ Italy Cream Export: +46,5% (Mar '19) **

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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Drought crimps Fonterra’s milk production [News Oceania n°11/2019]
Period: May 13 – 24, 2019 Australia-13.7%New Zealand-8.4% milk production April 2019 yoyMilk production in Australia, in the month of ... read
China increases dairy imports, the U.S. are penalised
China’s GDP is expected to slow down in 2019, compared to 2018 (+6.3% against 6.6%), but demand for dairy products remains high in the... read
Corn production: record forecasts for the new season
World production World Corn production for the 2019-20 season, which will begin on September 1, 2019, is estimated at the record level of ... read

GlobalDairyTrade results of June 18, 2019

Change in Price Index from Previous Event: -3,8 %
Average Winning Price: 3.208 US$ / Ton

	Average price USD / Ton	Change
AMF (Anhydrous Milk Fat)	5.530	-3,3 %
BMP (Butter Milk Powder)	n.a.	-
BUTTER 82%	4.553	-5,7 %
RENNET CASEIN	7.494	+2,3 %
CHEDDAR	3.781	-4,3 %
LACTOSE	875	-2,2 %
MPC (Milk Protein Concentrate)	n.a.	-
SMP (Skim. milk Powder)	2.358	-3,5 %
SWP (Sweet Whey Powder)	n.a.	-
WMP (Whole milk Powder)	3.006	-4,3 %

Next GlobalDairyTrade Event: July 02, 2019

ITALY: Import/Export as of March 31, 2019

Exports of G.Padano + P.Reggiano:	+7,24 %
Exports of Gorgonzola:	+9,94 %
Exports of Grated cheese:	+11,10 %

Imports of Full-fat bulk milk:	+11,54 %
Imports of Packed semi-skimmed milk:	-13,30 %

Next Update: July 16, 2019

March 2019: 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: Belsagio Mezzano

Name:: Belsagio Mezzano

Company:: Sachsenmilch Leppersdorf GmbH
Base:: Leppersdorf (Germany)
Establishment year:: 1991

Products:: Naturally-matured cheese, cheese blocks and cubes, cheese slices and portions

Belsagio is a cheese which is matured ca. 12 weeks on spruce wood boards and has an intensive and irresistible taste.

Belsagio is a new cheese which was arisen from the cheese tradition, passion and experience of our cheese masters. They have produced a cheese with an incomparable taste which is close to the Italian cheese flavour. Belsagio is a new proposal for your counter to offer a unique taste through a high quality cheese.

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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, Dehydrated lucerne price	In calo	-6,49%
I - Milan, Bran price	In calo	-2,86%
I- Milan, Italian Soybeans flour price	In calo	-2,78%
I- Milan, Foreign soybeans price	In calo	-1,99%
I - Milan, Italian soybeans price	In calo	-2,05%
I - Milan, pressed lucerne hay price	In calo	-4,35%
I - Milan EU barley price	In calo	-2,22%
US - Soybeans Price	In calo	-2,82%
US - Maize price	In calo	-2,49%
US - Wheat Price	In calo	-5,01%
I - Milan, Pressed forst corp hay price	In calo	-3,57%

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)	+3.99%
Milk:Feed Ratio	1.68

Prices of Fertilizers

I - Modena, Triple superphosphate granular 46%	Stabile	452	€/ton	0.00%
I - Modena, Ammonium nitrate prilled 26%	Stabile	260	€/ton	0.00%
I - Modena, Urea prilled 46%	Stabile	393	€/ton	0.00%