The Relationship Between U.S. and International Prices for Dairy - - PDF document

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The Relationship Between U.S. and International Prices for Dairy - - PDF document

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5/14/13 The Relationship Between U.S. and International Prices for Dairy Commodities USDA Agricultural Marketing Service (AMS) Dairy Market News (DMN) VS Dairy Mandatory Reporting Program (DPMRP) for US Global Dairy Trade (GDT)

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5/14/13 ¡ 1 ¡

The Relationship Between U.S. and International Prices for Dairy Commodities

  • USDA Agricultural Marketing Service (AMS) Dairy

Market News (DMN) VS Dairy Mandatory Reporting Program (DPMRP) for US

  • Global Dairy Trade (GDT)
  • Eurostat
  • Dairy Co
  • Statistics New Zealand
  • Livestock Improvement Corporation (LIC) New

Zealand

  • Australian Bureau of Agricultural & Resource

Economics & Sciences (ABARES)

  • Dairy Australia
  • CLAL
  • Global Trade Information System (GTIS)
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SLIDE 2

5/14/13 ¡ 2 ¡ DMN International Prices

http://marketnews.usda.gov/

DPMRP US Prices

http://www.ams.usda.gov/dairy

  • Product price series:
  • Sept. 1993-present
  • Products include butter,

cheddar, SMP, whey, WMP, butter oil

  • Prices collected &

published bi-weekly

  • Prices submitted are

voluntary through phone calls

  • Cheddar price series:

March 1997-present & butter, NDM and whey price series: Sept. 1998- present

  • Products include butter,

cheddar, NFDM, whey

  • Prices collected &

published weekly

  • Prices submitted are

mandatory through an electronic system DMN cont. DPMRP cont.

  • Prices reported by co-
  • ps, brokers, marketers,

gov’t agencies

  • Prices published are a

low-high range

  • Volumes are not

reported nor published

  • Prices are when buyer

& seller agree to a sale, not when product is shipped

  • Prices are FOB Port
  • Prices reported by

plants

  • Prices published are a

weighted average

  • Volumes are reported

and published

  • Prices are when title

transfers & product

  • ships. Prices could not

have been set 30 or more days before

  • Prices are FOB Port
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5/14/13 ¡ 3 ¡

  • Prices cover majority of volumes sold
  • Discretion is used on reporting prices
  • For example, if a price collected seems really
  • utside the range of other collected prices, staff

will ask further questions and may find out a price is much lower than the range they have seen because it is a year long contract. DMN may decide to not include this price in the range that is published. Oceania Western Europe

  • Overview
  • Butter
  • Butter Oil
  • SMP
  • WMP
  • Cheddar Cheese
  • Overview
  • Butter
  • Butter Oil
  • SMP
  • WMP
  • Sweet Whey

Eastern Europe

  • Overview
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5/14/13 ¡ 4 ¡

  • Established in 2008
  • Trading auction events occur 2X month
  • GDT is operated by Global Dairy Trade

Holdings Limited, a wholly-owned subsidiary

  • f Fonterra Co-operative Group Limited

(Fonterra). GDT is operated separately from Fonterra, and all auctions are run entirely by the Trading Manager, CRA International, Inc.

Fonterra Only Multiple Suppliers

  • AMF (regular & premium

grades from NZ/Aus)

  • Butter (salted & unsalted)
  • Cheddar Cheese (frozen,

hi solid & young)

  • MPC70
  • Ren Cas (30 & 90 mesh)
  • WMP (regular and instant

fortified from NZ/Aus & for UHT)

  • BMP (for UHT from

Fonterra & std. from Arla)

  • Edible & Refined Edible

Lactose (Murray Goulburn)

  • SMP (low, med, high

heats & for UHT from Fonterra), (low & med, reg & upgraded from Dairy America), (low & med reg heats from Arla)

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SLIDE 5

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SLIDE 6

5/14/13 ¡ 6 ¡

Statistics New Zealand

http://www.stats.gov.nz

LIC New Zealand

http://www.lic.co.nz

  • Gov’t Dept., National

Statistical Office

  • Downloadable

Statistics Database

  • Detailed info. on

number, type & age of cows & slaughter

  • Dairy input expense

indexes

  • Milk food price Index
  • Export & Import

quantities & values

  • Dairy Cooperative
  • Annual Reports
  • Number of cows &

detailed info. on herds

  • Average dairy co.

payout per kg/ milksolids

  • Production of milk &

components Australian Commodities Quarterly Reports

  • World View
  • Production and Consumption Data
  • Cow Numbers
  • Provides world price forecasts for farmgate milk,

WMP, SMP, cheddar cheese and butter

  • Supply and Demand outlooks and prospects for

specific products and in particular for Australia

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5/14/13 ¡ 7 ¡

  • Production & Sales Statistics
  • Milk Powder
  • Cheese (multiple varieties)
  • Butter
  • Casein & Whey
  • Fresh Products (yogurts, desserts, etc.)
  • Cow Numbers & Prices
  • Domestic Sales & Consumption Summaries
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5/14/13 ¡ 8 ¡

  • An Italian Dairy Economic Consulting firm
  • Market Analysis: (production, stocks, prices) for milk

and dairy products in Italy, Europe, US, Oceania, Argentina, etc.

  • World trade flows: breakdown by the main dairy

exporting and importing countries and by single dairy product

  • Forecasts: dairy products short-term trend analyses

for production, stocks, and prices.

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5/14/13 ¡ 10 ¡

  • Focus on Italy
  • Other EU countries: France, Germany,

Poland, Netherlands, Czech Republic, Slovak Republic

  • Cheese
  • Japan import prices for caseins
  • Butter
  • Malaysia palm oil wholesale prices
  • WMP
  • Argentina wholesale prices
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SLIDE 11

5/14/13 ¡ 11 ¡

  • Private Company – must pay for this product
  • Import and Export Bi-lateral Customs Data
  • Monthly and Annual
  • More than 80 countries
  • By HTS codes
  • At the six digit level codes are harmonized among countries
  • Goes further than six digits for some countries
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5/14/13 ¡ 12 ¡

0.00 0.10 0.20 0.30 0.40 0.50 0.60 0.70 0.80 0.90 1.00 Jan-00 May-00 Sep-00 Jan-01 May-01 Sep-01 Jan-02 May-02 Sep-02 Jan-03 May-03 Sep-03 Jan-04 May-04 Sep-04 Jan-05 May-05 Sep-05 Jan-06 May-06 Sep-06 Jan-07 May-07 Sep-07 Jan-08 May-08 Sep-08 Jan-09 May-09 Sep-09 Jan-10 May-10 Sep-10 Jan-11 May-11 Sep-11 Jan-12 May-12 Sep-12 Jan-13 EU Whey US Whey 0.35 0.40 0.45 0.50 0.55 0.60 0.65 0.70 0.75 EU Whey US Whey

EU/US ¡ Jan00-Mar13 ¡ 0.94 ¡ Jan11-Mar13 ¡ 0.16 ¡ Jan11-­‑Dec11 ¡

  • ­‑0.22 ¡

Jan12-­‑Mar13 ¡ 0.75 ¡

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SLIDE 13

5/14/13 ¡ 13 ¡

0.00 0.50 1.00 1.50 2.00 2.50 3.00 Jan-00 May-00 Sep-00 Jan-01 May-01 Sep-01 Jan-02 May-02 Sep-02 Jan-03 May-03 Sep-03 Jan-04 May-04 Sep-04 Jan-05 May-05 Sep-05 Jan-06 May-06 Sep-06 Jan-07 May-07 Sep-07 Jan-08 May-08 Sep-08 Jan-09 May-09 Sep-09 Jan-10 May-10 Sep-10 Jan-11 May-11 Sep-11 Jan-12 May-12 Sep-12 Jan-13 Oceania SMP EU SMP US NDM

Nov 05

1.00 1.10 1.20 1.30 1.40 1.50 1.60 1.70 1.80 1.90 2.00 Oceania SMP EU SMP US NDM SMP GDT

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5/14/13 ¡ 14 ¡

OC/EU ¡ OC/US ¡ EU/US ¡ Jan00-Mar13 ¡ 0.97 ¡ 0.93 ¡ 0.88 ¡ Jan05-Mar13 ¡ 0.94 ¡ 0.83 ¡ 0.90 ¡ Jan11-Mar13 ¡ 0.82 ¡ 0.77 ¡ 0.67 ¡ Jan12-Mar13 0.82 0.84 0.89 OC/GDT ¡ EU/GDT ¡ US/GDT ¡ Jan11-Mar13 ¡ 0.97 ¡ 0.83 ¡ 0.83 ¡

0.00 0.50 1.00 1.50 2.00 2.50 3.00 Jan-00 May-00 Sep-00 Jan-01 May-01 Sep-01 Jan-02 May-02 Sep-02 Jan-03 May-03 Sep-03 Jan-04 May-04 Sep-04 Jan-05 May-05 Sep-05 Jan-06 May-06 Sep-06 Jan-07 May-07 Sep-07 Jan-08 May-08 Sep-08 Jan-09 May-09 Sep-09 Jan-10 May-10 Sep-10 Jan-11 May-11 Sep-11 Jan-12 May-12 Sep-12 Jan-13 Oceania Butter EU Butter US Butter

Sept 08

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5/14/13 ¡ 15 ¡

OC/EU ¡ OC/US ¡ EU/US ¡ Jan00-Mar13 ¡ 0.96 ¡ 0.52 ¡ 0.48 ¡ Jan08-Mar13 ¡ 0.90 ¡ 0.71 ¡ 0.77 ¡ Jan11-Mar13 ¡ 0.91 ¡ 0.74 ¡ 0.86 ¡ Jan12-Mar13 0.65

  • 0.08

0.41

1.00 1.20 1.40 1.60 1.80 2.00 2.20 Oceania Butter EU Butter US Butter 0.00 0.50 1.00 1.50 2.00 2.50 3.00 Jan-00 May-00 Sep-00 Jan-01 May-01 Sep-01 Jan-02 May-02 Sep-02 Jan-03 May-03 Sep-03 Jan-04 May-04 Sep-04 Jan-05 May-05 Sep-05 Jan-06 May-06 Sep-06 Jan-07 May-07 Sep-07 Jan-08 May-08 Sep-08 Jan-09 May-09 Sep-09 Jan-10 May-10 Sep-10 Jan-11 May-11 Sep-11 Jan-12 May-12 Sep-12 Jan-13 Oceania Cheese US Cheese

Mar 06

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SLIDE 16

5/14/13 ¡ 16 ¡

1.00 1.20 1.40 1.60 1.80 2.00 2.20 Oceania Cheese US Cheese Cheese GDT

OC/US ¡ Jan00-Mar13 ¡ 0.78 ¡ Jan06-Mar13 ¡ 0.84 ¡ Jan11-Mar13 ¡ 0.53 ¡ Jan12-Mar13 0.11 OC/GDT ¡ US/GDT ¡ Jul11-Mar13 ¡ 0.91 ¡ 0.47 ¡

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SLIDE 17

5/14/13 ¡ 17 ¡ Agricultural Marketing Service, Dairy Programs http://www.ams.usda.gov/AMSv1.0/dairy Corinne Sierzant, Economist corinne.sierzant@ams.usda.gov Phone: 202-260-8309