Milk Market Situation Brussels, 21 September 2017 EU Productions - - PowerPoint PPT Presentation

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Milk Market Situation Brussels, 21 September 2017 EU Productions - - PowerPoint PPT Presentation

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Milk Market Situation Brussels, 21 September 2017 EU Productions EU Productions (Jan-Jul 2017 compared to Jan-Jul 2016) + 10% +2.9% + 5% +1.3% +1.4% +1.2% +0.6% + 0% -0.3% - 5% -2.1% -5.5% - 10% -9.3% - 15% !!! Data from some

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SLIDE 1

Milk Market Situation

Brussels, 21 September 2017

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SLIDE 2

21 September 2017

!!! Data from some Member States are confidential and are NOT included in this table !!!

EU Productions

  • 0.3%
  • 5.5%
  • 9.3%

+0.6% +2.9% +1.2%

  • 2.1%

+1.3% +1.4%

  • 15%
  • 10%
  • 5%

+ 0% + 5% + 10%

EU Productions (Jan-Jul 2017 compared to Jan-Jul 2016)

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SLIDE 3

21 September 2017

  • 5.0% to -2.4%
  • 2.4% to -1.2%
  • 1.2% to -0.7%
  • 0.7% to 0.0%
0.0% to +0.6% +0.6% to +3.8% +3.8% to +7.0% +7.0% to +11.0% n/a

+0.6 +9.6

  • 1.3
  • 2.1
  • 2.8
  • 0.8

+7.4 +0.1 +0.6

  • 2.6

+3.2 +10.2

  • 0.3
  • 1.6
  • 0.2
  • 0.9
  • 3.3
  • 0.7

+0.7 +4.4

  • 1.1

+5.9

  • 1.1
  • 2.1
  • 2.5
  • 0.5

Source : MS' Communications to Eurostat, FEGA, AGEA, Reg.479/2010.1(a)1

  • 4.2
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SLIDE 4

21 September 2017

Source: MS’ communications to Eurostat

10000 11000 12000 13000 14000 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 1000 Tonnes

EU - Cows' milk collected

2014 2015 2016 2017

Jan-Jul 2017/16 : -0.3%

Last update : Jan-Jul

Source : Estat - Newcronos Jan-Jul 2017/16 : - 0.3%

Eurostat notifications missing for: DK, EL, CY, AT and SE Eurostat notification estimated for: DK (July 2017)

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SLIDE 5

21 September 2017

34.5 40.6 20 22 24 26 28 30 32 34 36 38 40 42 44 46 48 50 Jan 01 Jan 02 Jan 03 Jan 04 Jan 05 Jan 06 Jan 07 Jan 08 Jan 09 Jan 10 Jan 11 Jan 12 Jan 13 Jan 14 Jan 15 Jan 16 Jan 17 EUR/100 kg

EU Raw Milk Prices Evolution (up to August 2017*)

Weighted EU Average (real fat content) EU Milk Equiv. Price (based on SMP and Butter prices) Source : MS’ communications under Reg. (EU) No 2017/1185 Article 12(a) - Annex II.4(a)

* : provisional figures

* : estimated price in running month

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SLIDE 6

21 September 2017

Source: MS’ communications under Reg. 479//2010

NB: The above national price averages are of mixed nature, some relate to standardised milk, others to milk with real fat and protein content, pending harmonisation under reg. 479/2010

55.3 46.7 38.0 37.5 37.3 37.2 36.8 36.8 36.6 35.9 35.0 34.7 34.2 34.0 33.6 32.8 31.6 31.5 30.7 30.5 30.5 30.1 29.9 29.8 29.8 29.3 28.7 27.7 26.7 5 10 15 20 25 30 35 40 45 50 55 60

CY MT GR FI NL SE IT AT DK DE IE BE EU FR LU EE PL CZ HR UK SK ES SI HU LV BG PT LT RO

in EUR/100 kg

E U M I L K P R I C E S

Milk Price 2016 Milk Price 2017 Source : Member States (Regulation (EU) No 2017/1185 Article 12(a) - Annex II.4(a))

( Jul 2017 vs Jul 2016 )

Estimates for DK, ES

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SLIDE 7

21 September 2017 Source: MS’ communications under Regs. 562/2005 and 479/2010

150 200 250 300 350 400 450 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec EUR/100 kg

Weekly EU SMP Prices

2014 2015 2016 2017 IP 2009

Latest price : 170 EUR/100kg Evolution compared to same period last year : -10%

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SLIDE 8

196 170 169 168 166 165 150 155 160 165 170 175 180 185 190 195 200 CZ EU Avg. BE DE IE NL in EUR/100 kg

EU S.M.P. Prices (up to 10.09.2017)

I.P. : 169.8

Source: Regulation (EU) No 2017/1185 Article 11 - Annex I.7

21 September 2017

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SLIDE 9

21 September 2017 Source: MS’ communications under Regs. 562/2005 and 479/2010

200 250 300 350 400 450 500 550 600 650 700 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec EUR/100 kg

Weekly EU BUTTER Prices

2014 2015 2016 2017 IP 2009

Evolution compared to same period last year : +74% Latest price : 652 EUR/100kg

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SLIDE 10

21 September 2017

704 697 652 645 643 617 598 582 578 548 150 250 350 450 550 650 750 DE NL EU Avg. IT ES IE SK LV CZ EE EUR/100 kg

EU BUTTER Prices (up to 10.09.2017)

Source : Regulation (EU) No 2017/1185 Article 11 - Annex I.7

I.P. = 221.75

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SLIDE 11

21 September 2017

652 170 150 200 250 300 350 400 450 500 550 600 650 700 Jan 03 Jan 04 Jan 05 Jan 06 Jan 07 Jan 08 Jan 09 Jan 10 Jan 11 Jan 12 Jan 13 Jan 14 Jan 15 Jan 16 Jan 17 in EUR/100 kg .

EU Quotations of Butter and SMP (EU average based on MS communication and weighted by production)

Butter Intervention buying in price SMP Intervention buying in price BUTTER prices SMP prices

Source: MS’ communications under reg. 562/2005 and 479/2010

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SLIDE 12

21 September 2017

150 200 250 300 350 400 450 500 550 600 650 700 Jan 03 Jan 04 Jan 05 Jan 06 Jan 07 Jan 08 Jan 09 Jan 10 Jan 11 Jan 12 Jan 13 Jan 14 Jan 15 Jan 16 Jan 17 in EUR/100 kg

EU Dairy Quotations

(EU Average Prices based on MS communication and weighted by production) BUTTER SMP WMP CHEDDAR

Source: Regulation (EU) No 2017/1185 Article 11 - Annex I.7

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SLIDE 13

21 September 2017 Source: MS’ communications under Regs. 562/2005 and 479/2010

150 200 250 300 350 400 450 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec EUR/100 kg

Weekly EU WMP Prices

2014 2015 2016 2017

Evolution compared to same period last year : +23%

Latest price : 312 EUR/100kg

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SLIDE 14

21 September 2017 Source: MS’ communications under Regs. 562/2005 and 479/2010

200 250 300 350 400 450 500 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec EUR/100 kg

Weekly EU CHEDDAR Prices

2014 2015 2016 2017 Evolution compared to same period last year : +16%

Latest price : 348 EUR/100kg

150 200 250 300 350 400 450 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec EUR/100 kg

Weekly EU EDAM Prices

2 014 2 015 2 016 2 017 Evolution compared to same period last year : +24%

Latest price : 351 EUR/100kg

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SLIDE 15

50 60 70 80 90 100 110 120 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec EUR/100 kg

Weekly EU WheyPowder Prices

2014 2015 2016 2017 Series2 Evolution compared to same period last year : -11%

Latest price : 80 EUR/100kg

21 September 2017 Source: MS’ communications under Regs. 562/2005 and 479/2010

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SLIDE 16

21 September 2017

  • 25 000

25 000 50 000 75 000 100 000 125 000 150 000 175 000 200 000 225 000 250 000 275 000 300 000 325 000 350 000 375 000

Quantity in tonnes

Public SMP Intervention scheme (2016-2017)

Buying-in quantity at fixed price

Quantities In (2017) Quantities Out (2017) Quantity offered (2016) Stocks level end of month (2016) Quantity offered (2017) Stocks level end of month (2017) Cumulate quantity bought in 2017 up to 10.09.2017 (fixed price only) : 11 160

357 359

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SLIDE 17

21 September 2017

  • 20 000
  • 10 000

10 000 20 000 30 000 40 000 50 000 60 000 70 000 80 000 90 000 100 000 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

Quantity in tonnes

Private Storage Aid Scheme (2016-2017) - S.M.P.

Quantities In (2017) Quantities Out (2017) Quantity offered - max 210 days (2016) Quantity offered - max 210 & 365 days (2016) Stocks level end of month (2016) Quantity offered - max 210 days (2017) Quantity offered - max 210 & 365 days (2017) Stocks level end of month (2017)

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SLIDE 18

21 September 2017

  • 25 000

25 000 50 000 75 000 100 000 125 000 150 000 175 000 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

Quantity in tonnes

Private Storage Aid Scheme (2016-2017) - BUTTER

Quantities In (2017) Quantities Out (2017) Quantity offered (2016) Stocks level end of month (2016) Quantity offered (2017) Stocks level end of month (2017)

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SLIDE 19

21 September 2017

  • 10 000

10 000 20 000 30 000 40 000 50 000 60 000 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

Quantity in tonnes

Private Storage Aid Scheme (2016-2017) - CHEESE

Quantities In (2017) Quantities Out (2017) Quantity offered (2016) Stocks level end of month (2016) Stocks level end of month (2017)

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SLIDE 20

21 September 2017

source: www.xe.com

US Dollar

EUR/USD

1.1963

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SLIDE 21

21 September 2017

1 950 2 066 1 885 1 000 1 500 2 000 2 500 3 000 3 500 4 000 4 500 5 000 5 500 6 000 May 10 Aug 10 Nov 10 Feb 11 May 11 Aug 11 Nov 11 Feb 12 May 12 Aug 12 Nov 12 Feb 13 May 13 Aug 13 Nov 13 Feb 14 May 14 Aug 14 Nov 14 Feb 15 May 15 Aug 15 Nov 15 Feb 16 May 16 Aug 16 Nov 16 Feb 17 May 17 Aug 17 Prices in USD/tonne

EU/US/Oceania Quotations of SMP

Avg Oceania SMP quotation Avg EU SMP internal Price Avg US SMP quotation

Source: MS’ communications under Reg. 2017/1185 & USDA market news

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SLIDE 22

21 September 2017

3 113 3 678 3 362 1 500 2 000 2 500 3 000 3 500 4 000 4 500 5 000 5 500 6 000 May 10 Aug 10 Nov 10 Feb 11 May 11 Aug 11 Nov 11 Feb 12 May 12 Aug 12 Nov 12 Feb 13 May 13 Aug 13 Nov 13 Feb 14 May 14 Aug 14 Nov 14 Feb 15 May 15 Aug 15 Nov 15 Feb 16 May 16 Aug 16 Nov 16 Feb 17 May 17 Aug 17 Prices in USD/tonne

EU/US/Oceania Quotations of WMP

Avg Oceania WMP quotation Avg EU WMP internal Price Avg US WMP quotation

Source: MS’ communications under Reg. 2017/1185 & USDA market news

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SLIDE 23

21 September 2017

6 075 7 274 5 657 1 500 2 000 2 500 3 000 3 500 4 000 4 500 5 000 5 500 6 000 6 500 7 000 7 500 8 000 May 10 Aug 10 Nov 10 Feb 11 May 11 Aug 11 Nov 11 Feb 12 May 12 Aug 12 Nov 12 Feb 13 May 13 Aug 13 Nov 13 Feb 14 May 14 Aug 14 Nov 14 Feb 15 May 15 Aug 15 Nov 15 Feb 16 May 16 Aug 16 Nov 16 Feb 17 May 17 Aug 17 Prices in USD/tonne

EU/US/Oceania Quotations of Butter

Avg Oceania Butter quotation Avg EU Butter internal Price Avg US Butter quotation

Source: MS’ communications under Reg. 2017/1185 & USDA market news

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SLIDE 24

21 September 2017

4 013 3 379 4 121 2 000 2 500 3 000 3 500 4 000 4 500 5 000 5 500 6 000 May 10 Aug 10 Nov 10 Feb 11 May 11 Aug 11 Nov 11 Feb 12 May 12 Aug 12 Nov 12 Feb 13 May 13 Aug 13 Nov 13 Feb 14 May 14 Aug 14 Nov 14 Feb 15 May 15 Aug 15 Nov 15 Feb 16 May 16 Aug 16 Nov 16 Feb 17 May 17 Aug 17 Prices in USD/tonne

EU/US/Oceania Quotations of Cheddar

Avg OceaniaCheddar quotation Avg EU Cheddar internal Price Avg US Cheddar quotation

Source: MS’ communications under Reg. 2017/1185 & USDA market news

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SLIDE 25

21 September 2017

143 292 117 209 290 517 268 030 19 689 9 603 16 182 16 767 3 240 2 028 50 000 100 000 150 000 200 000 250 000 300 000 350 000

2016 2017

BUTTER & Butteroil Exports

EU-28 (up to Jul) New Zealand (up to Jul) Australia (up to Jul) United States (up to Jul) Argentina (up to Jul)

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SLIDE 26

21 September 2017

353 624 493 093 257 409 231 649 95 979 . 96 866 . 306 018 . 351 574 . 14 111 11 525 100 000 200 000 300 000 400 000 500 000 600 000

2016 2017

SMP Exports

EU-28 (up to Jul) New Zealand (up to Jul) Australia (up to Jul) United States (up to Jul) Argentina (up to Jul)

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SLIDE 27

21 September 2017

241 752 244 234 769 260 . 790 268 . 39 493 31 485 16 930 13 729 64 640 32 416 100 000 200 000 300 000 400 000 500 000 600 000 700 000 800 000 900 000

2016 2017

WMP Exports

EU-28 (up to Jul) New Zealand (up to Jul) Australia (up to Jul) United States (up to Jul) Argentina (up to Jul)

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SLIDE 28

21 September 2017

391 904 421 515 180 535 177 587 86 508 86 529 140 751 173 750 18 677 17 028

50 000 100 000 150 000 200 000 250 000 300 000 350 000 400 000 450 000 2016 2017

CHEESE Exports

EU-28 (up to Jun) New Zealand (up to Jun) Australia (up to Jun) United States (up to Jun) Argentina (up to May)

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SLIDE 29

21 September 2017

EU-28 Exports (1/2)

Source : Eurostat (COMEXT)

20 40 60 80 100 120 140 160

2010 2011 2012 2013 2014 2015 2016

126 94 102 102 120 135 162 1000 Tonnes

BUTTER exports

5 10 15 20 25

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

1000 tonnes

Jan- Jul 2017 exports compared to 2016 : - 16%

BUTTER exports

2016 2017 100 200 300 400 500 600 700 800

2010 2011 2012 2013 2014 2015 2016

376 515 520 407 648 692 575 1000 Tonnes

SMP exports

10 20 30 40 50 60 70 80 90

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

1000 tonnes

Jan- Jul 2017 exports compared to 2016 : + 39%

SMP exports

2016 2017

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SLIDE 30

21 September 2017

EU-28 Exports (2/2)

600 620 640 660 680 700 720 740 760 780 800 820

2010 2011 2012 2013 2014 2015 2016

667 673 768 786 721 719 800 1000 Tonnes

CHEESE exports

300 400 500

2010 2011 2012 2013 2014 2015 2016

445 388 386 374 390 400 381 1000 Tonnes

WMP exports

10 20 30 40 50 60 70 80 90 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 1000 tonnes Jan- Jul 2017 exports compared to 2016 : + 7%

CHEESE exports

2016 2017 10 20 30 40 50 60

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

1000 tonnes

Jan- Jul 2017 exports compared to 2016 : + 1%

WMP exports

2016 2017

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SLIDE 31

21 September 2017

13 553 7 042 29 275 24 507 45 276 57 287 52 179 55 780 24 516 26 543 10 000 20 000 30 000 40 000 50 000 60 000 70 000 2016 2017

BUTTER + Butteroil Imports

EU-28 (up to Jul) United States (up to Jul) Russia (up to Jun) China (up to Jul) Mexico (up to Jun)

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SLIDE 32

21 September 2017

2 545 1 505 129 926 163 747 60 647 64 016 126 943 158 553

19 038 28 738

20 000 40 000 60 000 80 000 100 000 120 000 140 000 160 000 180 000

2016 2017

SMP Imports

EU-28 (up to Jul) Mexico (up to Jun) Russia (up to Jun) China (up to Jul) Japan (up to Jul)

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SLIDE 33

21 September 2017

4 451 788 20 469 22 916 318 737 337 495 7 484 13 431 8 983 1 648 50 000 100 000 150 000 200 000 250 000 300 000 350 000 400 000

2016 2017

WMP Imports

EU-28 (up to Jul) Russia (up to Jun) China (up to Jul) United States (up to Jul) Mexico (up to Jun)

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SLIDE 34

21 September 2017

42 879 31 650 114 395 101 649 109 240 105 752 55 801 67 395 152 516 156 734

20 000 40 000 60 000 80 000 100 000 120 000 140 000 160 000 180 000

2016 2017

CHEESE Imports

EU-28 (up to Jul) United States (up to Jul) Russia (up to Jun) China (up to Jul) Japan (up to Jul)

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SLIDE 35

21 September 2017

Main Dairy Importers (Butter + Butteroil 1/2)

25 50 75 100 125 2010 2011 2012 2013 2014 2015 2016 72 73 68 136 139 96 104 1000 Tonnes

Russia

2 4 6 8 10 12 14 16 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 1000 tonnes

Jan-Jun 2017 compared to 2016 : + 27%

2016 2016 2017 25 50 75 100 125 2010 2011 2012 2013 2014 2015 2016 23 36 48 52 80 71 82 1000 Tonnes

China

2 4 6 8 10 12 14 16 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 1000 tonnes

Jan-Jul 2017 compared to 2016 : + 7%

2016 2017

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SLIDE 36

21 September 2017

Main Dairy Importers (Butter + Butteroil 2/2)

25 50 75 100 125 2010 2011 2012 2013 2014 2015 2016 14 13 18 14 22 40 47 1000 Tonnes

United States

25 50 75 100 125 2010 2011 2012 2013 2014 2015 2016 40 29 30 40 30 35 52 1000 Tonnes

Mexico

2 4 6 8 10 12 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 1000 tonnes Jan-Jul 2017 compared to 2016 : - 16% 2016 2017

Jan-Jul 2017 compared to 2016 : - 16%

2 4 6 8 10 12 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 1000 tonnes Jan-Jun 2017 compared to 2016 : + 8% 2016 2016 2017

Jan-Jun 2017 compared to 2016 : + 8%

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SLIDE 37

21 September 2017

Main Dairy Importers (S.M.P. - 1/2)

50 100 150 200 250 300 2010 2011 2012 2013 2014 2015 2016 89 130 168 235 253 200 184 1000 Tonnes

China

5 10 15 20 25 30 35 40 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 1000 tonnes

Jan-Jul 2017 compared to 2016 : + 25%

2016 2017 50 100 150 200 250 2010 2011 2012 2013 2014 2015 2016 98 129 112 120 168 136 119 1000 Tonnes

Algeria

5 10 15 20 25 30 35 40 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 1000 tonnes

Jan-Apr 2017 compared to 2016 : + 52%

2016 2017

Jan-Apr 2017 compared to 2016 : + 52%

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SLIDE 38

21 September 2017

Main Dairy Importers (S.M.P. – 2/2)

50 100 150 200 250 2010 2011 2012 2013 2014 2015 2016 63 27 27 112 95 116 136 1000 Tonnes

Russia

2 4 6 8 10 12 14 16 18 20 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 1000 tonnes 2016 2014

Jan-Jun 2017 compared to 2016 : + 6%

2016 2017 5 10 15 20 25 1000 tonnes

Jan-Jun 2017 compared to 2016 : + 26%

2009 2010 50 100 150 200 250 2010 2011 2012 2013 2014 2015 2016 155 194 236 198 203 259 286 1000 Tonnes

Mexico

5 10 15 20 25 30 35 40 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 1000 tonnes

Jan-Jun 2017 compared to 2016 : + 26%

2016 2017

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SLIDE 39

21 September 2017

Main Dairy Importers (W.M.P. 1/2)

100 200 300 400 500 600 700 2010 2011 2012 2013 2014 2015 2016 326 320 406 619 671 347 420 1000 Tonnes

China

20 40 60 80 100 120 140 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 1000 tonnes

Jan-Jul 2017 compared to 2016 : + 6%

2016 2017 50 100 150 200 250 300 350 2010 2011 2012 2013 2014 2015 2016 167 204 188 142 204 224 224 1000 Tonnes

Algeria

10 20 30 40 50 60 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 1000 tonnes

Jan-Apr 2017 compared to 2016 : + 72%

2016 2017 Jan-Apr 2017 compared to 2016 : + 72%
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SLIDE 40

21 September 2017

Main Dairy Importers (W.M.P. 2/2)

50 100 150 200 250 300 350 2010 2011 2012 2013 2014 2015 2016 39 51 64 74 81 75 86 1000 Tonnes

Hong Kong

50 100 150 200 250 300 350 2010 2011 2012 2013 2014 2015 2016 38 55 71 54 30 59 126 1000 Tonnes

Brazil

5 10 15 20 25 30 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 1000 tonnes

Jan-Jul 2017 compared to 2016 : - 12%

2016 2017 5 10 15 20 25 30 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 1000 tonnes

Jan-Jul 2017 compared to 2016 : - 20%

2016 2013 2016

Jan-Jul 2017 compared to 2016 : - 20%

2017

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SLIDE 41

21 September 2017

Main Dairy Importers (Cheese – 1/2)

50 100 150 200 250 300 350 400 450 2010 2011 2012 2013 2014 2015 2016 294 296 316 440 321 209 222 1000 Tonnes

Russia

5 10 15 20 25 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 1000 tonnes

Jan-Jun 2017 compared to 2016 : - 3%

2016 2016 2017 2017 50 100 150 200 250 300 350 2010 2011 2012 2013 2014 2015 2016 199 215 235 236 232 249 258 1000 Tonnes

Japan

5 10 15 20 25 30 35 40 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 1000 tonnes

Jan-Jul 2017 compared to 2016 : + 3%

2016 2017
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SLIDE 42

21 September 2017

Main Dairy Importers (Cheese – 2/2)

50 100 150 200 250 300 350 2010 2011 2012 2013 2014 2015 2016 61 76 78 85 97 112 110 1000 Tonnes

South Korea

50 100 150 200 250 300 350 2010 2011 2012 2013 2014 2015 2016 138 143 154 148 165 200 205 1000 Tonnes

United States

5 10 15 20 25 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 1000 tonnes

Jan-Jul 2017 compared to 2016 : + 21%

2016 2017 5 10 15 20 25 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 1000 tonnes

Jan-Jul 2017 compared to 2016 : - 11%

2016 2017

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SLIDE 43

21 September 2017 7 000 7 200 7 400 7 600 7 800 8 000 8 200 8 400 8 600 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec in 1000 tonnes

U.S. milk production

2014 2015 2016 2017

Source:USDA

Jan-Jul 2017 vs 2016 : + 1.5% (real monthly production)

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SLIDE 44

21 September 2017 Source: Dairy Australia

500 600 700 800 900 1 000 1 100 1 200 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun in 1000 tonnes

Jul 2017/18 compared to 2016/17 : + 2.7%

Australian milk production

2014/15 2015/16 2016/17 2017/18

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SLIDE 45

21 September 2017 Source: DCANZ - Fonterra

500 1 000 1 500 2 000 2 500 3 000 3 500 Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May in 1000 tonnes .

Jun 2017/18 compared to 2016/17 : + 21.1%

NZ milk production

2014/15 2015/16 2016/17 2017/18

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SLIDE 46

Anhydrous Milk Fat

+3.6

$ 6 402

Butter

+3.8%

$ 5 954

Butter Milk Powder

  • 10.1%

$ 2 026

Cheddar

+2.5%

$ 4 118

21 September 2017

GDT Auction results

Average price (USD/MT, FAS)

Event 195

5 September 2017

+0.3%

$ 3 323

Lactose

+5.1%

$ 791

Rennet Casein

+1.2%

$ 6 316

Skim Milk Powder

  • 1.2%

$ 1 944

Whole Milk Powder

  • 1.6%

$ 3 100