The FAO Dairy Price Index averaged 124.6 points in April, down 2.2 points (1.7 percent) from March and 22.1 points (15.1 percent) from its level one year ago. In April, international prices of milk powders fell for the tenth consecutive month, primarily underpinned by the impact of the persistent slack global import demand.

Increased purchases by China and seasonally declining supplies from New Zealand prevented a potentially steeper fall in the world prices of whole milk powder, while increased current supplies from Western Europe exerted further downward pressure on skim milk powder prices.

Cheese prices also fell, principally reflecting high export availabilities in Western Europe, where more milk is being channelled into cheese production amid the seasonally rising milk output. By contrast, world butter prices remained largely stable, as increased supplies were generally adequate to meet increased import demand for near- and long-term deliveries.

Source : FAO Price index April 2023- 07th May 2023