Argentina posted lower prices, volumes and market reach in early February, while Uruguay boosted shipments in the first half of March despite a sharp decline in export values.
The latest South Dairy Trade report highlights a weakening export scenario for Argentina during the first half of February 2026. Average dairy export prices fell to USD 3,423.61 per ton, down 3.56% from the second half of January, while shipped volume plunged 37.04% to 13,222 tons. At the same time, the number of destination markets dropped from 43 to 29, suggesting a loss of international diversification amid softer global demand.
The picture was markedly different in Uruguay. During the first half of March, the country recorded an 11.72% drop in its average export price, to USD 3,395.99 per ton, but managed to expand shipments by 66.49%, reaching more than 9,300 tons. Export destinations remained stable at 25 markets, pointing to a strategy focused on placing larger volumes abroad through more competitive pricing, particularly in whole milk powder, which continued to dominate the export mix.
Dairy Prices in Argentina and Uruguay Report and Analysis
Report N° 98 – 24/03/2026
SDT – Argentine Dairy Market
First Half of February 2026
The first half of February showed a general contraction in the main indicators of the Argentine export market, in line with the dynamics observed in recent SDT reports, where volume adjustments were accompanied by a reduction in the diversification of destinations.
Between February 1 and 15, the average export price stood at USD 3,423.61 per ton, representing a 3.56% decrease compared to the previous period (01/15/2026 – 01/31/2026), when the value had reached USD 3,549.79 per ton.
Exported volume showed a significant reduction, totaling 13,222.21 tons, which represents a 37.04% decrease compared to the 21,000.59 tons recorded in the second half of January.
In the same line, the number of export destinations decreased from 43 to 29 markets, evidencing a 32.56% contraction in the geographical diversification of foreign sales.
Overall, the period reflects a scenario of lower export activity, with adjustments in prices, volume, and commercial reach, maintaining the pattern observed in recent SDT reports where changes in international demand simultaneously impact the three key indicators of the dairy trade.
Whole Milk Powder:
- Price: USD 3,428.07
- Variation: increased by 1.96%
- Exported Volume (Tons): 5,366.40
Skimmed Milk Powder:
- Price: USD 2,978.34
- Variation: decreased by 24.10%
- Exported Volume (Tons): 1,290.23
Semi-Hard Cheese:
- Price: USD 3,898.86
- Variation: decreased by 0.62%
- Exported Volume (Tons): 3,270.06
Hard Cheese:
- Price: USD 6,116.22
- Variation: increased by 0.02%
- Exported Volume (Tons): 467.76
Butter:
- Price: USD 4,787.30
- Variation: decreased by 0.02%
- Exported Volume (Tons): 798.03
Buttermilk:
- Price: USD 2,440
- Variation: decreased by 0.18%
- Exported Volume (Tons): 125
Whey Permeate:
- Price: USD 625.79
- Variation: decreased by 3.58%
- Exported Volume (Tons): 714.80
Partially Demineralized Whey (D40%):
- Price: USD 1,200.08
- Variation: decreased by 4.95%
- Exported Volume (Tons): 629.79
Whey Protein Concentrate 35% (WPC 35%):
- Price: USD 2,637.42
- Variation: decreased by 10.36%
- Exported Volume (Tons): 427.48
Whey Protein Concentrate 80% (WPC 80%):
- Price: USD 7,220.12
- Variation: decreased by 0.76%
- Exported Volume (Tons): 133.68
SDT – Uruguayan Dairy Market
First Half of March 2026
The first half of March showed a significant adjustment in the average export price, although accompanied by a strong increase in traded volume, while the number of destinations remained stable, reflecting a consolidation of active markets.
Between March 1 and 15, the average export price stood at USD 3,395.99 per ton, representing a 11.72% decrease compared to the previous period (02/16/2026 – 02/28/2026), when the value had reached USD 3,846.87 per ton.
In contrast, exported volume showed considerable growth, totaling 9,309.72 tons, which represents a 66.49% increase compared to the 5,592.2 tons exported in the second half of February.
Meanwhile, the number of export destinations remained at 25 markets, unchanged from the previous period, indicating stability in the international commercial structure.
Overall, the period reflects a commercial strategy with higher volume placement, possibly associated with more competitive price conditions, maintaining geographic diversification of exports at levels similar to the previous period.
Whole Milk Powder:
- Price: USD 3,347.3
- Variation: decreased by 5.35%
- Exported Volume (Tons): 7,481.07
Skimmed Milk Powder:
- Price: USD 3,093.46
- Variation: increased by 3.80%
- Exported Volume (Tons): 756.87
Semi-Hard Cheese:
- Price: USD 4,367.06
- Variation: increased by 2.00%
- Exported Volume (Tons): 198.07
Hard Cheese:
- Price: USD 5,907.86
- Variation: increased by 11.70%
- Exported Volume (Tons): 127.23
Butter:
- Price: USD 4,715.34
- Variation: decreased by 14.94%
- Exported Volume (Tons): 470.77
Buttermilk:
- Variation: no exports were recorded
Partially Demineralized Whey (D40%):
- Price: USD 1,442.51
- Variation: increased by 0.99%
- Exported Volume (Tons): 276.71
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