What is happening in the world butter market

According to an analytical report IndexBox on the global situation in the oil market, writes Milknews. Key figures and trends According to USDA forecasts, butter production in 2021 will be 5.6 million tons, which is almost the same as last year. The figures will remain at the same level due to the situation in the European Union, where production will fall by 0.8% to 2 million tons. The European Commission estimated the reduction in supplies from the EU from January to May 2021 at 20% compared to the same period last year. Analysts attribute this to the growth of domestic demand against the background of declining production. If the trend continues until the end of the year, exports from the EU could lose up to 19% or 800 million tons. External shipments from New Zealand will also remain at last year's level amid a stable level of domestic production. At the end of 2020, oil prices began to rise and continued in the first quarter of 2021, which may create an additional incentive ...