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Daily Dairy Update: 15th of November

1 min de lectura

    Los informes de mercado se publican únicamente en inglés. El resto del sitio sí está disponible en su idioma.

    It seemed that yesterday our partners took an extra day off. We didn't trade any volumes and we did not see much activity on either the buyer's or the seller's side. Neither seems to be in a hurry to take action and is waiting for market conditions to paint a clearer picture. 

    Today the GDT might give a boost to the market activities. Looking at the SGX futures the market is pricing in small gains on SMP but a relatively flat market for the other products. Our expectation is that the GDT might show some strength across all products as COVID restrictions are being lifted and the sentiment concerning the Chinese economy is looking a bit more steady. The Renminbi gained some strength again in recent days v.s. the USD so a lot of small positive signals for Chinese demand.

    If the GDT result will push the EU market back in motion again remains to be seen. Cheese and Butter exports are insignificant and depend much more on export to other destinations. For EU exports the weaker USD is less favourable. The slowdown in export is worrying more partners and we hear that more renegotiated or cancelled businesses are pushing on the stocks for close by harder and harder.

    Looking at the latest EU production numbers we see that milk keeps flushing. France milk is up 0.6% compared to the same week last year, but German and UK milk collections are up by 2.6% and 3.0%. German milk collection is now even up on the 3 and 5-year average and the UK collection is its highest collection ever recorded in the same week in previous years.

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