EU milk production up 1.3% in Q3 2020 - Rabobank

Published 2020년 12월 23일

Tridge summary

EU milk production has slowed down, with a projected growth of 0.5% in the first half of 2021. The average milk price is expected to range from 33.5-35.5 euros per 100 kg in the first months of 2021. The eurozone economy grew by 12.7% in the third quarter, but the second wave of the pandemic has led to the closure of restaurants and cafes, partially offset by growth in retail. Cheese production increased by 1.4% in the third quarter, while butter production increased by only 0.3%. Private stocks of cheese, butter, and SOM have decreased by 19 thousand tons, 24 thousand tons, and 4.6 thousand tons respectively, due to stable demand in retail. The export of dairy products from the EU-28 was successful in the third quarter of 2020, with an increase in the export of SCM and cheese. Rabobank predicts that domestic demand for dairy products in the EU may decrease in the first half of 2021, leading to an additional 432 thousand tons of milk for export.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

According to preliminary data for October and November 2020, milk production in the EU has slowed down. According to Rabobank's forecast in the fourth quarter of 2020 and the first half of 2021, production will grow by 0.7% and 0.5%, respectively, in the second half of 2021 it is expected to grow by 0.5%. The average milk price rose to 34.71 euros per 100 kg (26.96 rubles per kg, Dairy Index DIA in October - 28.02 rubles per kg) in October 2020. Based on current prices for exchange-traded products, analysts predict the average price of milk in the first months of 2021 at 33.5-35.5 euros per 100 kg in the EU. The eurozone economy grew 12.7% in the third quarter, but the second wave of the pandemic in the EU is in full swing. Losses from closing restaurants and cafes are partly offset by growth in retail. In accordance with the dynamics of demand in retail, the industrial consumption of milk for cheese production (respectively, whey) is growing, cheese production increased by 1.4% ...

Source: Dairy