Colors reflect world market price movements in the week prior to publishing. Grey is 'no change' and in case of a white block, there is no information about price movements.
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Market activity is slowing down, how will the market balance develop at the start of 2026?
Over the last couple of months dairy prices have overall transitioned to much lower levels, be it to a different degree depending on the region and the product category. Due to the better availability at lower prices buyers have been able to extend their positions further out than they probably have done for many months. At this point in the year market activity tends to slow down as the holiday season approaches. Most market participants are therefore already looking forward to the first couple of months of next year: can we expect more downward potential in Q1 or is everything priced in already after the rapid drop in September and October. The key to answering that question is probably in dairy farming dynamics as supply is leading the market. Particularly in the EU it is difficult to gauge how the shift in calving pattern plays out next year. Particularly as milk prices are rapidly falling towards unsustainable levels. We probably need to be a little bit deeper into 2026 until the market develops a new sense of direction.
Exchange rates used in this document: Sep EUR 1 = USD 1.166; Oct EUR 1 = USD 1.163; Nov EUR 1 = USD 1.152