2024 September Board Book

International

• US cheese exports stumbled in June, with volume down 19% compared to May, though still above prior-year levels. Milk powder exports were ho-hum, up just slightly on the year, but still well below June 2023, while butter sales accelerated to the highest level since March 2023. • The latest GlobalDairyTrade event was mixed, with SMP and butter down, but WMP and cheddar up on an event-to-event basis. Event volume totaled 35,965 metric tons, 10% higher. North Asia stepped up its participation and accounted for 38% of the volume sold, 124% higher than the previous auction. • Outbound cheese volume totaled 85.7 million pounds in June, down 19.1% (-20.2 million pounds) on the month, but up 9.0% (+7.1 million pounds) year-over-year. For the first half of 2024, cheese exports totaled 583.9 million pounds, up 24.8% (+116.1 million pounds) versus 2023. Mexico pulled back a bit on its purchases, buying 31.6 million pounds for the month, down 21.8% (-8.8 million pounds) month-over-month. But that was still up 11.3% (+3.2 million pounds) compared to prior-year levels. On the import side, the US bought 35.5 million pounds of cheese, down 12.8% (-5.2 million pounds) versus May, but up 15.6% (+4.8 million pounds) on the year. Year-to-date imports totaled 218.1 million pounds, up 14.7% (+27.9 million pounds) compared to 2023.