This week’s GDT event #398 provided another positive result, with increases across all products except Cheddar. Seasonally falling volumes on offer certainly help, along with stronger purchases of WMP, butter and AMF by North Asian buyers. Global dairy markets have unexpectedly rallied in early 2026, but we remain cautious as milk production continues to expand.
EU27 cheese exports during December 2025 were at an all-time high, increasing 17.6% YOY for the month. There were record shipments to the Middle East, Northern Africa and non-EU Europe, along with strong YOY growth in shipments to Japan. With stronger production in recent months and competitive prices, SMP exports also continued to improve and were up 28.8% YOY in December.
Meanwhile, there was mixed US demand news with January inflation lower than expected and employers adding 130,000 jobs, but December advanced retail sales disappointed.
This week’s highlights include:
- GDT Index Rises
- EU Cheese Exports Reach Record High
- US Inflation Lower Than Expected
- More Milk in Germany and France
- NZ Milk Price Forecast Improves
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