After a downward correction prices continue rising in nominal terms
Prices in real terms are expected to stay relatively flat
Substantial regional differences in production growth remain
Large disparity in consumption levels and growth
Oceania production levels – Monte Carlo draws
Simulation results for world butter prices
Results for world dairy prices in 2020
The declining trend in trade for butter and SMP is to reverse
Rising importance of China imports on global milk powder markets
Imports remain fragmented and import product mix continues to vary by country
Russian Federation growth in butter imports limited but cheese imports continue rising