Chinese imports support prices in the global dairy market
Photo is illustrative in nature. From open sources.
Chinese imports support prices in the global dairy market
Growing Chinese demand continues to be critical to balancing the global MILK market.
Chinese imports have provided significant price support over the past 12 months. This was stated by Rabobank senior dairy market analyst Michael Harvey, writes The DairyNews.
China's demand for New Zealand milk powder in 2021 has exceeded many expectations, he said . China's demand for milk powder in the next 3 months will be critical to price direction. In addition, there are solid purchases in Southeast Asian markets. Lower prices of late would be welcome news for some buyers.
“We certainly see that the Delta strain is having an impact on many economies, clouding the prospects for opening markets. The rapid rise in cases is leading to further lockdowns and restrictions on mobility, lower consumer confidence and weakening economic conditions. This can have a negative impact on the consumption of dairy products and lead to a serious distortion of supply chains, as a result of which catering channels are severely affected, and this leads to a decrease in demand for butter, cream, mozzarella, the expert said.
Michael Harvey also added that recent significant changes in GDT buying volumes could affect the prices of exchange-traded dairy products in the short term. Milk production in New Zealand is rising seasonally and will peak in October. As a result, the supply is growing. The size of New Zealand's milk supply peak is still subject to weather conditions, but there are conditions for a "normal" seasonal peak. Currently, demand in CHINA coincides with the product launch, which allows FTA companies to enjoy a preferential tariff window from January 1, 2022 until the quota is filled.
– The latest GDT trading results show that the effects of covid-19 are still being felt. Market fundamentals have remained largely favorable in terms of prices in recent months. Supply growth continues, but shows a very modest pace. Demand for dairy products remains stable despite disruptions due to the rapid spread of the COVID-19 delta strain among the unvaccinated population, the situation with which in many regions is out of control, forcing governments to re-impose restrictions, the expert concluded.
dairynews.ru
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