The dairy powder market weakened in week 22 (May 28), with most benchmarks posting declines amid softer demand and slower trade activity. SMP Food recorded the sharpest weekly drop, while WMP and SWP Food also moved lower. In contrast, SWP Feed was the only benchmark to increase week-over-week. Contributors pointed to weaker futures markets and limited export activity, although higher US SMP prices may continue to support the competitiveness of EU-origin product globally.
Analysis|Published: May 28, 2026
DCA cheese benchmarks showed mixed results in week 22 (May 28), with slight declines in foil cheeses and Emmentaler, while the Cheddar complex, Maasdam, naturally ripened Gouda, and Mozzarella all moved higher. Market sentiment remained relatively quiet, with weaker Gouda demand reported in Italy, while firmer interest for Maasdam emerged from southern Europe. Contributors also noted that naturally ripened cheese remains widely available despite rising prices.
Analysis|Published: May 27, 2026
US milk production continued its strong expansion in April, supported by growing dairy herds and improving yields in key producing states. At the same time, milk prices remain under pressure, although recent months have shown the first signs of recovery. Projections indicate stronger dairy demand and continued production growth, indicating a more optimistic outlook for producers.
Analysis|Published: May 22, 2026
Milk production in New Zealand and Australia showed strong year-over-year growth in April, supported by improved milk solids output and firmer dairy prices. New Zealand continues to outperform historical production levels as the season nears its end, while Australia recorded a modest recovery driven by higher collections in key regions. However, increasing El Niño risks and below-average rainfall forecasts could pose challenges for pasture conditions and milk production in the coming months.
Analysis|Published: May 21, 2026
Cheese benchmarks showed a generally positive performance in week 21 (May 21), with most categories recording firmer market conditions, while the Cheddar complex continued to display mixed dynamics. Fresh cheese remained the main growth driver, supported by tighter spot availability and a stronger demand. Meanwhile, foil cheeses and Emmentaler followed a steadier upward trend, reflecting a more balanced market environment. Contributor sentiment remained divided, with some participants reporting firm demand and stable conditions, while others pointed to quieter trading activity and competitive pressure.
Analysis|Published: May 21, 2026
Milk powder markets observed mixed developments during week 21 (May 21), with weaker sentiment in the SMP food segment contrasting against firmer conditions in SMP Feed and whole milk powder. Market activity in SMP remained subdued overall, with contributors describing limited trading activity and pricing continuing to depend strongly on origin and short-term market sentiment. Whey powder markets also showed diverging dynamics, as food-grade products maintained stronger momentum while feed-grade pricing appeared to lose pace despite the broader upward trend. Meanwhile, lactose prices remained broadly stable, while FFMP followed the softer tone observed in SMP markets.
