Lactose
Global lactose market remains tight, but the direction of prices is unclear
Europe
Many developments but difficult to get a sense of direction
Prices were largely stable at EUR 1625 ex works with some outliers above that level, but lying underneath are several interesting developments. On the one hand we could expect demand slowing down somewhat because we are running out of "standardization season" in the Northern hemisphere, but on the other hand it cannot be denied demand for SMP overall is still very strong. GDT prices appreciated ahead of the new Oceania season, but offline it is difficult to find offers.
Americas
Trading activity slows down but availability is still challenging
Despite a slower market after the summer season, prices are drifting higher in a market that still feels firm overall. Latam demand is volatile from one week to the next, but ahead of the peak season the Southern hemisphere will inevitably require sufficient volumes for standardization purposes as milk production does not appear to slow down. Other customer categories also keep coming to the market, so availability remains tight. Prices are still USD 0.75-0.80/lb (1655-1765/t) ex works, with some individual brands trading slightly higher.
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