Lactic, sweet cream, whey and organic — the fat side of the book.
Butter is the loudest market we broker and the one that moves first. We work the whole curve, from fresh spot into forward quarters, and we see both the industrial buyers postponing collections and the producers deciding whether to freeze or sell. Storage cost, age restrictions and the carry between months are usually where the real conversation is.
Where the market has been
Monthly average of the bids and offers we worked, per product. Thin months are thin markets — we show the count so you can judge the weight.
Last week the market found a bit of stability. After lower trades on cheese, the cheese market traded slowly up, although a real rally remains absent. Butter prices did dip a bit further, although at the start of this week we see some strength on the back end of the curve. And on powder, our bullish feeling just doesn't go away — and now we can find some confirmation in the market as well.
Last week was bearish across the board — every product we broker leaned the wrong way. Powders lost more momentum, cheese slipped well below €3,000 for some products, and butter continues to impress with just how much keeps showing up. Supply, supply, supply.
Last week was again a bit of a bearish week for the entire dairy industry. With cream prices under pressure and milk intake still strong, we keep seeing a market that has more supply than demand. Butter prices took another step lower, cheese prices cracked, and the powder market gave back a bit of its gains again.
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