CME: International Prices Gain Support
US - International prices were mixed in Dairy Market News’ biweekly survey, writes Alan Levitt. Oceania SMP is
marked at $1.45-$1.59 (up a penny from two weeks ago) and 82 per cent butter is $1.81-$1.91
(+2¢), but cheddar cheese slipped to $1.54-$2.04 (-11¢).
The Oceania SMP price had fallen
35¢ in the last four months (see chart).
“The major natural gas pipeline leak in New
Zealand has forced many dairy plants on (New Zealand’s) North Island to shut down or
operate on reduced schedules, impacting current product availability,” says DMN.
Meanwhile, European prices were lower for butter but slightly higher for other products.
More discounting is taking place in the US NDM market to prevent supplies from
accumulating and to remain competitive overseas. DMN pegs Western NDM at mostly
$1.37-$1.49, down 1.5¢ from last week.
US whey prices resumed their upward trajectory this week. Western whey is mostly
61.75¢-65.00¢, up slightly from a week ago, DMN says.
“Western dry whey prices are
uneven with a two-tiered market developing for domestic versus export markets,” says DMN.
“Domestic supplies remain tight with the bulk of production
geared to contract fulfillment. Excess supplies when available are often going to satisfy export customer demand.”
Whey futures were higher in most
contract months.
Further Reading
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TheMeatSite News Desk