Global dairy prices in May 28% above last year's value

The FAO Dairy Price Index averaged 120.8 points in May, up 1.7 points (1.5%) from April, marking one year of uninterrupted increases and lifting the value 26.4 points (28%) above its level of one year ago.

"However, the index is still 22.8% below its peak value reached in December 2013," the report reads.

In May, international quotations for skim milk powder rose the most, reflecting solid import demand amid limited spot supplies from the European Union, and those for whole milk powder increased on high import purchases, especially by China, despite New Zealand’s offer of large sales, analysts add.

Cheese quotations also strengthened, mostly due to lower supplies from the European Union amidst strong demand. By contrast, butter prices fell on increased export supplies from New Zealand, marking the end of an eleven-month-long price rally.

Previously reported that Ukrainian dairy producers were authorized for exports to the market of Kuwait.

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