2024 September Board Book

Source: Ever.Ag Weekly Wire (August 9, 2024)

CHINA

The Chinese government has officially announced an anti-dumping investigation on the meat products from the EU due to the EU’s investigation on the electric vehicles from China. EU dairy products and wines are also on the waiting list facing punitive tariffs. Chinese raw milk production continues to be on the rise, with a year-on-year growth of 6.4%. This has caused the raw milk price to drop to RMB 3.3/L (USD 0.46). China’s government has published an announcement, encouraging local dairy companies to use the raw milk to produce more liquid milk. The oversupply has also led to the drop in importation. During the first 4 months in 2024, most dairy categories witnessed decreases in import volume. Cheese and cream are the only two categories that have seen a growth of 4% and 2.3% respectively. ● CMAB conducted a demo with XYZ with presentation on the Cal dairy industry, products and test on the performance of pizza blend shreds on their new pizza products. XYZ is a leading food manufacturer of over 200 products to major retail and foodservice channels including Sam’s Club, Costco, Hema Fresh, COFCO and etc. It now uses over 5,000 MT of Mozzarella shreds annually. The new pizza product is designed for a major retailer. The performance of the 80/10/10 Mozzarella, Cheddar and Monterey Jack blend has passed XYZ’s evaluation during demo for home oven and Air Fryer (for home consumption scenario). According to XYZ, starting order volume is about 30 MT each month and it could grow to about 80 MT each month after product launch.

KOREA