Combined IFCN world milk price indicator

Combined IFCN world milk price indicator: weighted average of 3 IFCN world milk price indicators: 1. SMP & butter (35%), 2. Cheese & whey (45%), 3. WMP (20%)

Latest update: 15.09.2015

Data Table: World milk price in US-$ / 100 kg ECM
(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.

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