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Daily Dairy Update: GDT Update

2 min lezen
  • Boter
  • Kaas
  • Poeder

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The first few weeks of the year have been unusually active, and yesterday was no exception again. But by stating this for the 9th time in the first 6 weeks of the year, it seems that what we think is unusual becomes business as usual. Most of the action remains on the butter side of the business, but the powder market becomes more active as well. 

As predicted the GDT took the center stage in our discussions during the course of the day, and impacted the powder business heaviest causing a heated rally on EEX futures up to € 2660,- for Q2 only to trade back down to € 2570 after the "disappointing" results came out. We traded 230mt of polish SMP at € 2475 DAP NL and 200mt of Solarec SMP at € 2585 for May June. We see a bit more offers from Poland coming, but most start around € 2450.

The butter market showed a bit of an opposite move. During the day we saw more sellers come to the market and doubting to sell at lower levels. We traded in a total of 220mt of butter between € 4350 and € 4500. We see futures for Q2 around € 4700 and we hear some deals were done in Q2 at € 4700,-. But we weren't able to bring our buyers higher than € 4550-€4600

The cheese market didn't show itself to us yesterday. We did get some offers for NL/DE Gouda at € 3150 DAP customers, and some Mozzarella around € 2950, but no bids in this direction. But unlike the powder and the butter market, we don't see the real urgency with buyers yet to step and buy at significantly higher prices. The general consensus seems to be that prices at € 2500 for mozzarella and € 2700 for Edam en Gouda were too low.

Due to our travels, we leave it for this short update. tomorrow we will be back with a more detailed report about the GDT results and our market view. We wish you good business for today!

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