A surprising reduction in global milk production has led international buyers to look for powder, the most easily exported dairy product.
Futures for nonfat dry milk rose to 135 cents per 100 pounds, the highest since August 2014. The growth comes amid disappointing milk production in Europe and New Zealand, the world’s two shipping powerhouses for dairies. There are signs that buyers are scrambling.
Matt Gould, editor of The Dairy Market Analyst, said in a report that US exporters are “noticing an increase in incoming inquiries from international customers for milk powder, butter and cheese.”
Milk powder is used to make milk, and it is also a common ingredient in a variety of foods, including baked goods, soups and processed goods.
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