EU milk production up 1.3% in Q3 2020 - Rabobank

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% ...