Skimmed milk powder futures prices hit 135 cents per 100 pounds on Monday, the highest since August 2014, as global milk shortages caused by disappointing milk production in Europe and New Zealand prompted international buyers to rush to buy.
Matt Gould, editor of Dairy Market Analysis (The Dairy Market Analyst), said in a report that US exporters "reported a surge in inquiries from international customers about milk powder, butter and cheese."
Skim milk powder is used to flush milk and is also a common ingredient in a variety of foods, including baked goods, soups and processed foods.