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Daily Dairy Update: 7th of February

1 min de lectura

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

    We are on the road this week, so this leaves us with a bit less time to write long updates. Yesterday was a more active day than anticipated with the bullish sentiment continuing to dominate the entire market. All three commodity groups we trade feel firm with prices going up. 

    Today we will see the results of GDT, it seems a lot of people value its outcome (as long at the outcome suits them usually). We see no change in future results, so we wonder if we will see fireworks after the GDT result come out. Speaking today to partners who are active in Asia and the middle east they say they still don't see a lot of demand for powders, although we did here some more butter export deals closed.

    Another big impact comes from the strong dollar (or weak euro). After trading up to 1.103 the euro/dollar fx rate dropped to 1.071. It might seem like a small drop but it has quite some impact on export possibilities. On a butter deal of $ 5000,- it almost a € 150,- per mt difference.

    Production numbers for milk from Germany and France seem to continue the trend of the previous weeks. Germany keeps adding roughly 3.5% YoY and France keeps the decline at roughly 2% YoY.

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