World: European butter prices plunge more than 5 percent

The article reports the current prices for various dairy products in the EU, including butter at 567 euros per 100 kilos and whole milk powder at 404 euros. However, quotations for skimmed milk powder have seen a decrease of 1.1 percent to 292 euros. The only product showing a slight increase is cheddar, with an average increase of 0.2 percent to 470 euros. The Global Dairy Trade also shows declines in butter, whole milk powder, skimmed milk powder, and cheddar by 2.8 percent on average this week. The European Commission also noted a decrease in milk production in Australia and New Zealand by 9.1 percent and 1.7 percent respectively, while production increased in the United States and the United Kingdom. The total production in the EU also saw a decrease of 0.2 percent in the first ten months of 2022 compared to the same period in the previous year.