Combined IFCN world milk price indicator
Latest update: 15.09.2015
(Energy Corrected Milk: 4% fat, 3.3% protein)
| Jan |
Feb | Mar | Apr |
May | Jun | Jul |
Aug | Sept | Oct | Nov | Dec | |
| 2006 | 23.9 | 24.0 | 23.9 | 23.3 |
23.0 | 22.8 | 22.9 | 23.1 | 23.2 | 24.0 | 25.9 | 29.1 |
| 2007 | 30.3 | 32.4 | 34.1 | 37.1 | 40.1 | 42.8 | 49.1 | 51.9 | 52.1 | 52.4 | 53.7 | 52.8 |
| 2008 | 50.2 | 47.9 | 46.9 | 45.0 | 45.3 | 45.6 | 45.3 | 42.0 | 36.8 | 32.9 | 28.0 | 24.4 |
| 2009 | 20.3 | 19.3 | 20.2 | 20.8 | 21.5 | 21.3 |
22.0 | 24.2 | 28.5 | 32.5 | 40.7 | 41.7 |
| 2010 | 37.8 | 36.1 | 36.2 | 39.8 | 41.3 |
39.5 | 37.6 | 37.2 | 38.9 | 39.8 | 40.1 | 40.7 |
| 2011 | 44.2 | 47.7 | 48.2 | 46.1 | 46.5 | 46.7 | 45.4 | 43.9 | 42.5 | 40.8 |
40.6 | 41.2 |
| 2012 | 41.6 | 40.9 | 39.5 | 37.0 | 35.2 | 34.3 | 33.9 | 35.2 | 38.0 | 39.3 | 39.5 | 39.9 |
| 2013 | 40.2 | 41.2 | 46.0 |
54.9 | 52.0 | 49.3 |
49.5 |
50.3 |
50.5 | 50.5 |
50.9 |
53.4 |
| 2014 | 54.4 | 56.0 | 54.7 | 49.5 | 46.8 | 44.6 | 43.8 | 39.2 | 35.9 | 34.8 | 33.3 | 33.0 |
| 2015 | 33.6 | 36.8 |
34.9 | 32.1 | 30.4 | 28.7 | 23.2 | 24.0 |
Method explanation
Combined IFCN world milk price indicator
The Combined IFCN world milk price indicator illustrates the world market price level for milk. It represents the milk price a milk processor could theoretically pay to its farmers, if it was selling its products on the world spot market and producing at standardised costs. A wide range between IFCN world milk price indicators indicates economic stress for specialised dairies, if their main product is trading at the lower bound of the range. It is based on the weighted average of 3 IFCN world milk price indicators: 1. SMP & butter (35%), 2. Cheese & whey (45%), 3. WMP (20%), based on shares of the related commodities traded on the world market.
The arrow beneath the milk price on the right bar indicates the latest trend from the previous month to date (e.g. green arrow: up from last month).
Specifications:
Combined IFCN world milk price indicator:
Calculation: 35% IFCN world milk price indicator (SMP & butter) + 45% IFCN world milk price indicator (cheese & whey) + 20% IFCN world milk price indicator (WMP).
IFCN world milk price indicator (SMP & butter):
SMP: 1.25% fat, >=34% protein (non-fat dry basis)
Butter: 82% fat
Calculation: (butter price - processing costs)/technical coefficient for butter + (SMP price - processing costs)/technical coefficient for SMP.
IFCN world milk price indicator (Cheese & whey):
Cheese: Cheddar cheese, 39% maximum moisture
Whey powder prices: Sweet whey powder, food quality, bagged
Calculation: (cheese price - processing costs)/technical coefficient for cheese + (whey price - processing costs)/technical coefficient for whey.
IFCN world milk price indicator (WMP):
WMP: 26% butterfat
Calculation: (WMP price - processing costs)/technical coefficient for WMP.
Sources:
Prices for SMP, butter, cheese, WMP: USDA (export FOB port for Oceania).
Price for whey: ZMP, since May 2009 Süddeutsche Butter - und Käsebörse eV, Kempten (Germany, FOB ex-works).
Exchange rates: Oanda.
