SMP, WMP, buttermilk and whey — where export credentials price the product.
Powder is the most fragmented market on the desk. The same Codex SMP can trade €300 apart depending on brand, packaging, documentation and whether it is genuinely exportable. We spend most of our time on that gap: matching material that clears with buyers who need exactly those credentials.
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 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.
Last week was a strange week from our side. With relatively low activity and a lot of customers on the move due to Eucolait, activity came as quickly as it went away again. Tuesday's GDT put the market on hold, but when the results came out, a bit of downward trading occurred. The same went for Eucolait.
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