Weekly Wrap-Up Week of December 4

What we have seen in the market this week

Market in general

Low liquidity in a market full of doubt. We see sharp offers for butter and SMP, that might be driven by an "end of year clearance sale"? Producers are comfortable with low stocks and therefore low sales pressure.

Within OpenDairy we have seen the following activity

Butter - weaker again driven by lower cream prices. Maybe because cheese is weakening as well and SMP/Butter is a less "disruptive' product mix?

SMP - NZ (GDT) and EU prices converged, with NZ still the most interesting option for export buyers.

The physical forward curve is flattening and we see some buyers enquiring based on the lower premiums for Q1 and even Q2

BMP - demand is still healthy, with supply from Europe seasonally low.

More resilient than SMP prices, proving BMP is becoming a market of it's own, rather than a cheaper SMP alternative.

SWP - plenty of availability of SWP feed and WPC 30-35 for both feed and food grades.

The high WPC market is still very firm, with historically high prices

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Some of the offers / bids we have at OpenDairy

• Plenty of SMP sales interest, codex/unstd, fresh, older, 25kg, BB, exportable, etc. Please enquire.
• Offer SMP Codex Q1 @ EUR 2550 FCA
• Offer SMP Belgium @ EUR 2575 FCA
• WPC30, looking for bids
• Offer SMP Codex Q2 @ EUR 2625/mt FCA
• Enquiry BMP Uckermarker origin, Jan Shipment

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As usual, if you would like to know more please don't hesitate to contact us!

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