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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Bearish early July sentiment quickly evaporated
The little bearish dip that affected the SMP market in particular in early July proved to be short lived. The butter and cheese markets remained very firm but powders also got a confidence boost when growing Southern hemisphere sales volumes had very little impact on prices in early August. It is too early for hard data on the new Oceania season but even a strong start of the season may not be able to dent the current bullish market sentiment. Buyers that were waiting for prices weakening in August and September may have to step in in weeks to come as anecdotal evidence shows that stock levels may be insufficient for the usual strong buying period that is ahead of us in September and October. The current lack of fundamental direction may cause additional ups and downs in weeks to come, but the current sentiment assumes quite a firm dairy market until possibly the end of the year. Even though supply growth finally produced a small positive number in June, after many months of production going backwards.
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Exchange rates used in this document:
Jun EUR 1 = USD 1.089; Jul EUR 1 = USD 1.080; Aug EUR 1 = USD 1.093