Market reports
Every report we have published since 2022 — the full text, free, no registration. Written in English only: we quote counterparties and price levels verbatim, and we are not going to translate the market's words for it.
489 reports
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.
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.
Last week was a strange one from our side. Fats opened slowly, but by Friday's close it felt as if someone had thrown open the warehouse doors and decided selling was the only logical thing left to do. And where the bearish trend on butter feels logical, we now find the same bearish sentiment creeping into powders.
Last week was a short brokering week from our side — only three active days — yet we still booked roughly 1,500 MT of product, split evenly between powders and butter. On paper that feels reasonably active, but the days themselves are getting longer, the conversations with our partners more repetitive, and the excitement noticeably thinner.
What to write about a market that refuses to give us a headline? And what to report when trades are fewer, liquidity is thinner, and market makers are less outspoken than they were a few weeks ago? Is this market really trading sideways? On butter, it depends very much on who you ask and what your reference points are.
We have been off for two weeks, but we are back and ready to broker and advise in this ever-changing dairy market. As expected, fat prices across the EU and beyond continue to drop, while protein prices have found their way up. And with protein rising faster than fat is falling — in terms of milk price impact — the current price development looks healthy for farm gate prices.
This week the commodity markets feel heavy across every product we broker. Pressure on spot liquid markets is translating directly into selling pressure from producers — but most buyers didn't wait. They covered via another route, earlier, and at better levels. This market feels very one-sided.
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