The Bears are Back!
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After 4 days of stable / higher trades, the market turned bearish again. We already expressed our doubts about the sudden rise in prices, and it seemed the market agreed. After still trading at higher levels in the morning, the market came down fast during the day. It appeared the deep red quotations in combination with the pressure on liquids pushed prices further down.
EEX quotation on butter came down 3.3%. The German butter quotation corrected € 400,- down to € 6150 and the dutch even went below € 6000,- and dropped to € 5900. Only the French quotation is still at € 6830, almost € 1000,- above the Dutch quotation. SMP prices on EEX even showed a bigger minus of 6.1%. Here the French quotation is leading the downfall posting 10.5% lower and showing the first quotation below € 3000,- in a year again.
EEX cheese quotations also posted only negative numbers with cheddar curd posting the biggest minus of 2.5%. We still think EEX quotations are relatively firm compared to the market we are seeing for December. But we have to agree that November prices are still relatively firm.
We had some great feedback on the offers that came in via our market place and we are happy to report we traded some volumes today with 2 new counterparts. We keep inviting all to use the marketplace to react to bids and offers, or post new bids and offers for yourself.
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