in our Weekly Wrap-Up we share with you what we have seen happening and trading in the market.
In our last wrap-up we expressed our expectation that the additional volumes on GDT for WMP would wash away the stable sentiment in the market. The results have turned the powder market into a negative sentiment again. Buyers see reward in waiting, sellers don't want to face reality yet. Fat also weakened a bit, but not to the same extent.
Butter - quite a thin market with low liquidity. Q4 demand seems to be covered, Q1 sees more buyers. Cream has moved up this week, keeping butter prices relatively stable.
We are seeing the following levels at the moment for DE/BE/NL:
Q4: EUR 4250 - 4300
Q1: EUR 4400 - 4450
SMP - GDT results suggest that New-Zealand origin might be leading on the world market. The lack of WMP demand from China will probably push more milk into SMP. Demand is popping up around EUR 2100exw EU levels, but producers hope for demand to return and are not moving yet. Feed weakened significantly, especially for prompt.
BMP - Unchanged, demand still very weak. Prices between EUR 1750-1850/mt FCA EU.
SWP - Availability is still good, both for food and feed grade origins. Feed wheypowder trading around EUR 540/mt DAP for spot, EUR 640/mt DAP for Q4. Food whey powder still well available around EUR 700/mt FCA.
As usual, if you would like to know more please don't hesitate to contact us!
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