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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Fundamental market tightness returned after the holidays
As we are getting closer to the point that Northern hemisphere milk volumes should be able to create some more sales push, the fundamental tightness in the global dairy market balance could ease to a certain extent. However, when trading activity returned in early January, it quickly became clear that we have not reached that point yet. Prices bounced back up from the lows that we temporarily reached during the slow days prior to Christmas. Demand cannot be called strong in any way but supply is still equally weak. With many buyers still being behind on their normal purchases temporary price declines are quickly met with latent demand coming to life. It will likely take a longer period of supply growth at – or above – 1% in the key export regions combined before we can conclude that the market balance is fundamentally loosening.
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Exchange rates used in this document:
Nov EUR 1 = USD 1.079; Dec EUR 1 = USD 1.048; Jan EUR 1 = USD 1.030