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Liquids Leading the way (again)

1 min de lectura
  • Mantequilla
  • Líquidos

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

In a market that can be described as very thin, liquids are leading the market direction. And when liquids go up, commodities tend to follow quickly, but when liquid prices reverse, the commodity trend reverses as well. Yesterday can be described as a strong reversal, pushing down the prices on (almost) every commodity. Yesterday we wrote that high markets attract high offers. Today we see that more offers create lower bids (and trades). 

Last week we saw the cream price increase toward € 5750-5800, pushing up the price of butter towards € 5000,-. And SMC went as high as € 2250 pushing up the price of SMP. But today we saw the cream price drop back towards levels of € 5300,- bringing back the offers towards the low end of the range we have been describing in the previous updates. SMC prices also corrected down towards € 2050 levels and we even hear French SMC dropped below € 2000,- again. We hear raw milk is trading between 32 and 35ct exw NL/DE, also a good bit lower compared to last week (roughly 40ct).

It seems the prices impacted most are for closeby (june/july/august). The willingness to sell for Q4 and Q1 remains very small. And buyers are still looking to catch a good deal for further out.

The EU market can find some support still looking at the EURO/DOLLAR fx rate. At 1.065 we are getting a slight advantage over the US on the export destinations. Although we do see prices in the US correcting down as well.

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