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Short Dairy Digest 7th of July

2 min de lecture
  • Beurre
  • Fromage
  • Poudres

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Today we only had time for a short update, so we keep it short and simple. Yesterday the market continued to trade in the same bearish mood, although it seems prizes are stabilizing a bit on some commodities. We have already seen a major correction on butter and smp in the previous days, and now cheese is following quickly as well. 

Prices for liquids seemed to stabilize a bit as well, and we hear some signals that cream and raw milk have been trading at higher levels even. Although volumes remain small, it's a welcome signal for sellers that they eagerly grab on to keep sales prices firm.

Butter: Stable Bearishness

The butter market seems to be trading stable, but the sentiment remains very bearish. This is mainly caused by the pressure from sellers for collections for close by. For Q4 and Q1 we see sellers are stepping back a bit. Their pressure to sell is less acute and the step down we have seen in the previous days has been big enough.

We see buyers for Q1 at € 4600,- for NL/DE/BE up to 9 trucks, but that is all we see. We still have plenty of sellers for July/August collection for NL/DE/BE and Irish, Danish and Polish origin between € 4300 and € 4400

In addition, we still have

  • a buyer for 2 trucks NL/DE/BE fresh/frozen at € 4250 for September
  • a buyer for 9 trucks of Polish butter for Q4 at € 4200
  • a buyer for 9 trucks NL/DE/BE fresh/frozen for Q1 at € 4550

Cheese: Trading again lower

The cheese market had some catching up to do, and it seems it is doing that. We calculated a few weeks back that cheese should probably correct to levels between € 3200 and € 3300 for Mozzarella/Edam and GOuda and it seems it has done this. We brokered some volume at € 3300 FCA NL/DE for Gouda for July and € 3360 for Q4. We start the day with the following lower bids

  • 8 trucks Gouda for August/September at € 3300
  • 9 trucks Gouda for Q4 at € 3300
  • 4 trucks Mozzarella for August / September at € 3200

Powders: Buyer aiming too low

The buyers on the powder market seem to be aiming to low, pushing sellers further away from the market. Driven by the bearish sentiment in the US and on GDT buyers seem to think there is no floor left in the market. And with feed prices trading around € 2200 / € 2250 for Q1, there is reason to remain bearish. But we don't see buyers attract sellers with these lower bids, it seems to drive them away from the market it seems.

We have bids as follows:

  • a buyer for 200mt BigBags at € 2200 for Q4
  • a buyer for 200mt BC BigBags at € 2250 for Q4
  • a buyer for 200mt BMP at € 1650 for export for July loading

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