World dairy prices soar; expansion of increase in domestic imports

Published Jun 8, 2022

Tridge summary

The global dairy market is experiencing a supply-demand imbalance, leading to a significant increase in prices. At the GDT World Dairy Auction in March, prices reached their highest since March 2014. This trend is affecting import prices and leading to price hikes in domestic dairy products. Factors contributing to the global price increase include decreasing crude oil supply, climate abnormalities, and steady demand in Southeast Asian and African countries. Factors such as China's lockdown and the ongoing Ukraine-Russian war are also expected to further impact the dairy market. Domestic dairy companies are already raising prices, with more increases likely as global prices rise.

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

Original content

[Reporter Min Byeong-jin, Livestock Newspaper] The global supply-demand imbalance continues... Concerns about price hikes Improvement of price competitiveness of domestic dairy products, institutional mechanism required As global dairy prices rose, domestic dairy imports increased significantly. While the supply of crude oil is continuously decreasing due to rising global production costs and climate abnormalities, as the demand in Southeast Asian and African countries is steadily increasing, the competition to secure the quantity is overheating, and the price of dairy products in the world is rising. In fact, the world dairy price rose 5.1% from two weeks ago at the GDT (World Dairy Auction) held on March 1, reaching the highest level since March 2014 and maintaining the high price until April. At that time, the price of each item was $6,394 (about 7.7 million won) for cheddar cheese, up 10.9% from the previous market, for butter by 5.9% to $786 (about 8.54 million won) per ton, ...

Source: Chuksannews