Almost 9,000t SMP sold out of intervention in latest tender
Provisional results for the latest tender of sales of skimmed milk powder (SMP) from intervention by the European Commission saw nearly 9,000t of product shifted.
The event – Tender 23 – had a total of 8,983t of SMP sold from intervention stocks at a minimum price of €1,230/t.
This is the same price as what was given in August.
Approximately 145,000t remains on offer for next tender in October, according to organisers.
For the seventh individual invitation to tender for the buying-in of SMP (tendering procedure under Regulation (EU) 2018/154), no maximum buying-in price was fixed and no stock was bought in.
No quantity, minimum price or maximum price was offered at the event.
GDT drops slightly
Meanwhile, on Tuesday, the Global Dairy Trade (GDT) index took another slight hit in the most recent auction – Event 220 – which concluded with the GDT Price Index down 1.3%.
Lasting two hours and 14 minutes across 15 bidding rounds, 179 bidders participated on the day.
The average price achieved was $2,934/MT.
This follows on from the previous auction which recorded the lowest index since October 2016.
Cheddar saw the most dramatic move on the day, seeing a 3.5% reduction. Meanwhile, whole milk powder (WMP) witnessed a 1.8% drop.
On the other hand, Rennet Casein (RenCAS) jumped by 1.7%, in what was the only product index increase on the day.