FAO Outlook

The Food and Agricultural Organization of the UN has recently release its world food out report. The report is avail at: http://www.fao.org/docrep/013/al969e/al969e00.pdf

This is a big file and takes some time to download.

Dairy begins on page 51 with:

The monthly FAO price index of international dairy products,
which consists of a basket of export prices in Oceania for
whole milk powder (WMP), butter, skim milk powder (SMP)
and cheese, has remained firm so far in 2010, in contrast
with the significant swings observed in the past two years.
The FAO index was 198 in September 2010, similar to its
level in January 2010 but 38 percent higher than the average
for 2009. While this represents a strong recovery from
last year, it still remains 20 percent below its peak value in
early 2008. However, compared with the base period of
2002–04, prices have doubled. Export prices in Oceania in
September 2010 were USD/tonne 4 100 for butter, 3 140 for
SMP, 3 360 for WMP and 3 950 for cheese.

With prices "firm" who needs risk management? However, those are world prices