European dairy markets found some much-needed upward momentum in the last week with spot market prices for butter holding firm, while prices for cheese, skimmed and whole milk powder all posted weekly gains.

After almost 10 weeks of falling prices, butter markets across Europe appear to have bottomed out in the last week. European butter prices stood between €4,300/t and €4,350/t on spot markets last week, which is steady compared to the previous week.

Up to this, butter prices had been declining week-on-week for more than two months as dairy markets weakened across Europe.

Cheese

On cheese markets, spot prices have firmed over the last week as buyer demand has increased.

Spot prices for cheddar rose as much as €100/t last week above €3,000/t, while gouda and mozzarella prices were also improved.

Powders

On powder markets, prices have also shown some improvement although returns remain weak overall. Skimmed milk powder (SMP) prices lifted €50/t in the last week above €1,600/t, while whole milk powder (WMP) prices increased above €2,600/t.

Meanwhile in the Netherlands, dairy co-op Friesland Campina has cut its guaranteed milk price for November by 1c/litre to 38.4c/litre. Friesland’s guaranteed price applies to milk supplied with 3.47% protein, 4.41% fat and 4.51% lactose.