It was a negative week for the EU quotations overall this week with butter, skim milk powder (SMP) and whey’s average prices all moving lower, according to multi-national financial services firm StoneX.
Outlining the latest price quotation movements to Agriland, Dr. Peter Meehan, senior commodity analyst at StoneX, said:
“The EU Butter index saw its fifth decline in seven weeks this week, moving down by €34 [-0.9%] to €3,933, a 20-week low for the butter index.”
Dr. Meehan noted that the German and Dutch quotations drove this week’s move, both down €50 (-1.3%) to €3,800, while French butter was unchanged, holding at €4,200.
“This week’s move sees the average butter price currently sit 16.2% above where it was this time last year, having dropped 5.7% since the start of June.”
Meanwhile, the analyst noted that the SMP index made it six declines on the bounce this week as its average price was down €23 (-0.9%) to €2,480 falling to a 19-week low for the average SMP price.
Price action was negative across the German and Dutch quotations this week with German SMP down €70 (-2.7%) to €2,490 and Dutch SMP down €20 (-0.8%) to €2,440, he said, adding:
“French SMP limited the downside potential for SMP this week, gaining €20 [+0.8%] climbing to €2,510. Over the last six weeks, the SMP index has fallen by €147 [-5.6%] but remains €335 [+15.6%] above where it was 12 months ago.
“Whey posted its sixth decline in seven weeks this week as its average price was down €24 [-2.5%] to €933.
“The French and German quotations were the drivers behind whey’s move this week, with French whey down €60 [-6.0%] to €940 and German whey down €10 [-1.1%] to €930.
“Dutch whey was unchanged meanwhile, holding at €930. Whey’s average price is now €233 [+33.3%] above where it was this time last year having dropped €95 [-9.2%] from the 423- week highs posted in early June,” Dr. Meehan concluded.