So far this year we have seen a very dry February followed by a wet, cold spring that has limited firstly grass growth, and then access to pasture due to poaching. Despite this production was reasonable for March, ending up by 1.2% compared to March last year (although has since flattened off in April) but is now running -2% behind forecast with a later than average flush. In some areas of the UK, grass grows every day of the year and using slurry little and often may well be much more sustainable and efficient than storing it for long periods. Planner, Leather Planner Cover + Free Planner, Refillable Leather Planner, Personalized Planner, Christmas Gift, Business Gift Our current projections for domestic demand expect retail sales of cheese, butter and yoghurt to fall by around 3% in 2023. Liquid milk sales are expected to revert to the long-term trend of a 1% annual decline (see full analysis below).

August saw prices soften on global dairy wholesale markets barring some gains in butter, WMP and cheese markets in US. Milk production remains seasonally low with demand continuing to be weak. Some revival of demand is hoped for after the summer holidays. Chinese demand has remained disappointingthus far due to increased Chinese domestic dairy production and economic challenges. Digital Planner for iPad - Goodnotes Planner - Totally Hyperlinked for easy use - Sunday & Monday Start Reducing emissions generally improves the efficiency of production and, therefore profit, so this will be a key priority for many. The wider picture

This is decreasing margins for farmers and the milk-to-feed-price ratio is now falling into the contraction zone. This would indicate that there is no incentive for farmers to push production and typically we would expect milk supplies to begin to contract in response.

Product availability has outstripped demand in some cases leaving full inventories of butter and cheese in the EU for Q1 with increased production and reduced imports and exports. Available supplies of butter, cheese and whole milk powder (WMP) increased year-on-year whereas that of skimmed milk powder (SMP) has declined. Availability of SMP supplies declined by 20.6% year-on-year in Q1 2023 due to a 32.6% growth in exports. Perhaps the most challenging legislation is around increased slurry storage. Grants will be available to increase capacity to six months, providing the storage is covered. The legal obligation (for now) remains four months.Milk from forage reduced for 2022-23 to reflect drought – less silage made and some already fed, higher concentrate use An anticipated increase in the number of in-home lunch and breakfast occasions could provide opportunities for butter in sandwiches and on toast. However, the price gap between butter and margarine has increased and there is also heightened consumer awareness of the price of butter due to previous media coverage. We expect this to result in shoppers switching from butter and dairy spreads into margarine and alternatives. In the last recession, baking boomed as people sought out more affordable leisure activities. Whilst this could be replicated in 2023, butter is still seen as substitutable in baking occasions, and it will therefore need to fight to remain relevant. As a result, we expect butter retail volumes in 2023 to be down 3%, however this would still result in category volumes being 3% higher than in 2019. Yogurt: Despite the recent upturn, total production across the key regions in the year to date (Jan-Nov22 [2]) was 0.5% lower than the previous year. Early forecasts for 2023 suggest no growth, although that varies by region. Higher production in the US (+1%) will be offset by reductions in most regions with the exception of a small gain in the UK (+0.3%) and unchanged production in Australia. Leather 2024 diary. Tree of Life decoration. Weekly or daily craft diary. Customizable with dedication and/or initials

Global dairy demand is likely to remain challenged by low economic growth, although there is potential for improved import demand from China later in the year. However, legislation is based on fixed dates, with no reference to efficiency of slurry use by bespoke crops and application procedures. Emissions Better milk price is likely to largely offset rampant ag inflation – margins will remain strong, but down on 2021-22 GB milk deliveriesfinally began to slow in September, after a strong summer of production,with estimated volumes for the month down by 1.1% year-on-year, or the equivalent of 13 million litres. This means that production is still ahead of 2022/23 in the year-to-date by 0.31%. Some of the drop off has been caused by disruption from milk haulier Lloyd Fraser going into administration mid-month. Anecdotal reports suggested that processors swiftly made other arrangements for collections and that a minimal amount was tipped. However, daily deliveries data indicate some disruption between 11 and 19 September. The latest published farmgate pricewas for August, with a UK average of 36.2ppl. Latest announced farmgate prices have been mixed in October with liquid milk contracts relatively steady but cheese contracts easing.The industry desperately needs a single standard. This should include emissions and sequestration, so that the true greenhouse gas output of the dairy sector is understood. The continued strain on shoppers’ budgets is going to have the biggest impact on behaviours going forward, with the UK predicted to be in recession in 2023 and inflationary pressures are expected to continue. Based on full economic production costs, which include a value for unpaid family labour, depreciation and an imputed rental value for owned land. They reflect on-farm costs rather than spot prices of inputs. Perhaps the key priority is to capitalise on short-term positive volatility to reduce debt and prepare businesses for the challenges ahead. The company believes these trends will continue, although yield increases may slow significantly, resulting in a small decline in UK output.