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PRESERVED MILK

机译：鲜奶

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Shortfall in EU-25 milk deliveries narrows: September deliveries only just below 2005 level. Developments in contrast to quotas which were raised for 2006/07. Cutbacks towards end of quota year unlikely to be necessary. EU market increasingly disconnected from dairy regime and from world market; Growth outside EU slowing: Drought in Australia, slowing of expansion in US milk output could extend upturn on milk products market; Milk usage: more cheese, less powders: Processing trends continued throughAugust; Further rise in WMP prices: WMP prices following trends for SMP, butter. Steeper decline in exports than output, but internal consumption must be up. Export refund cut again; SMP prices also continue to head upwards: Slight weakness on feed market recently, but prices for food product well above intervention level. Production of SMP also fallen more than exports. World market prices firmer and could rise furthe; All-time high for German whey powder prices: Whey powder prices hit historic high in Germany in mid-November. Sweet whey powder filling supply gap for lactose; Casein dearer: Casein production at two-thirds of 2005 level. Prices rose in November; Graphs: Prices in EU countries and US; Prices in EU and third countries; Milk deliveries in EU and third countries; Production in EU and third countries; EU and US SMP intervention stocks; Export refunds; Shortfall in EU-25 milk deliveries narrows.
机译：欧盟25国牛奶交付的短缺有所缩小：9月份的交付​​仅略低于2005年的水平。与2006/07年度增加的配额形成对比。削减配额年度末的可能性不大。欧盟市场越来越脱离乳制品制度和世界市场。欧盟以外地区的增长放缓：澳大利亚的干旱，美国牛奶产量增长的放缓可能会延长奶制品市场的增长;牛奶用量：更多的奶酪，更少的奶粉：加工趋势一直持续到八月;全脂奶粉价格的进一步上涨：全脂奶粉价格跟随黄油，脂奶粉的趋势。出口下降的幅度大于产出的下降幅度，但内部消费必须上升。出口退税再次削减; SMP价格也继续上涨：近期饲料市场略有疲软，但食品价格远高于干预水平。 SMP的产量下降幅度也超过出口。世界市场价格坚挺，并可能进一步上涨;德国乳清粉价格创历史新高：11月中旬，德国乳清粉价格创历史新高。甜乳清粉填补了乳糖的供应缺口;酪蛋白价格更高：酪蛋白产量占2005年产量的三分之二。 11月份价格上涨;图表：欧盟国家和美国的价格;欧盟和第三国的价格;在欧盟和第三国运送牛奶;在欧盟和第三国生产;欧盟和美国SMP干预库存;出口退款; EU-25牛奶的短缺量有所缩小。

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    《Preserved Milk》 |2006年第263期|共18页
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