IFCN milk price indicator
General:
The IFCN milk price indicator* represents the world market price level for milk. It is based on export prices for SMP and butter FOB port for Oceania.
The arrow beneath the price indicates the direction of change from the previous month to date (e.g. green arrow: up from last month).
Price developments:
In US-$ terms:
After six consecutive months of decline, the IFCN milk price indicator increased from July to August by +7.0%. The development was driven by both an increase in butter prices (+4.8%), and SMP prices (+6.8%).
In € terms:
In Euro the IFCN milk price indicator increased by 6.2%, driven by a slightly stronger Euro value against the US-$ (0.7%).
Update done:
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*Specifications:
SMP: 1.25% fat, >=34% protein (non-fat dry basis)
Butter: 82% fat
Calculation: IFCN milk price indicator = ((butter price - processing costs)/technical coefficient for butter + (SMP price - processing costs)/technical coefficient for SMP)
Sources: SMP and butter prices from USDA. Conversion of the price from US-Dollar to Euro is done with exchange rates from www.oanda.com.
