Butter and cheese prices are performing well, unlike milk powders. Photo: Donal O'Leary
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While prices rose for butter (+1.6%), cheddar (+1.3%) and anhydrous milk fat (+3.7%), powders performed poorly. Skimmed milk powder (SMP) fell by 1.6% and whole milk powder (WMP) by 0.1%.
Butter and cheese seem to be on a steady upward curve. However, WMP, the main product traded in Oceania, is showing more volatility. It now appears to be settling under $3,300/t, well below the $3,500/t level sustained through November and December.
Fonterra had offered more than 13,000t of WMP for this week’s auction and the increased volume meant this auction was seen as a good barometer of market sentiment.
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In Europe, a fresh round of bidding for the 20,000t of SMP released from intervention stocks is closing this Tuesday, with potential sales to be adjudicated later this week.
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While prices rose for butter (+1.6%), cheddar (+1.3%) and anhydrous milk fat (+3.7%), powders performed poorly. Skimmed milk powder (SMP) fell by 1.6% and whole milk powder (WMP) by 0.1%.
Butter and cheese seem to be on a steady upward curve. However, WMP, the main product traded in Oceania, is showing more volatility. It now appears to be settling under $3,300/t, well below the $3,500/t level sustained through November and December.
Fonterra had offered more than 13,000t of WMP for this week’s auction and the increased volume meant this auction was seen as a good barometer of market sentiment.
In Europe, a fresh round of bidding for the 20,000t of SMP released from intervention stocks is closing this Tuesday, with potential sales to be adjudicated later this week.
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