The FAO Dairy Price Index averaged 120.0 points in February, up 1.3 points (1.1%) from January, but stood 18.6 points (13.4%) below its value in the corresponding month last year.
In February, world butter prices rose the most, underpinned by higher import demand from Asian buyers and seasonally declining milk production in Oceania.
Meanwhile, whole milk powder prices continued to rise, albeit slowly, principally due to increased import demand, especially from China, which was partially offset by a drop in the European Union prices.
Skim milk powder prices remained stable, as an increase in Oceania prices was nearly offset by lower European Union prices, largely reflecting lower import demand from the region due to higher shipping costs and transport delays stemming from the conflict in the Red Sea.
International cheese prices also increased marginally, as buying interest from Asia turned positive amidst lower inventories in the European Union.
| Date | Butter | Skim Milk Powder | Whole Milk Powder | Cheddar Cheese |
| 2021 | 4995 | 3181 | 3855 | 3850 |
| 2022 | 6608 | 3865 | 4253 | 4998 |
| 2023 | 5100 | 2693 | 3327 | 4486 |
| 2024-01 | 5827 | 2721 | 3507 | 3911 |
| 2024-02 | 6046 | 2724 | 3553 | 3922 |
Meanwhile, the GDT Auction saw further correction in milk powders pricing, while Cheddar increased further showing continued demand for Cheese.
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