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Facts and Thoughts (zuivelmarktbericht)

Dutch PZ quotations (EXW Factory): dd 12-11-14: Butter stable 2990 >> 2990/mt, FCMP down 2370/mt >>
2360/mt, SMP food down 1860/mt >>1840/mt, SMP feed bulk up 1650 >>1660/mt and SWP in Bulk for feed is
down 820 >> 810/mt.
SWP for feed in Bulk: Dairy Auctions Online sold 150 MT for Q1 2015 at €804/mt DAP. Today we hear prices
€810-815/MT DAP NL. Sweet Whey Conc.: shortage on the spot market and prices around Dutch pz quotation.
Skimmed concentrate: Prices delivered went slightly down: € 1800-€1850/mt DAP and availability is good. No
“cheap” offers below €1400-1450/mt for Christmas SMC.
SMP: unchanged: Good internal EU demand and good export demand, prices stable. SMP in private storage dd
09.11.2014: 13.559 MT , this week only 292 MT went in. Talking about Public Intervention has caused end-users
to turn back to the “Buying-table” as prices seem quite low at the moment. Pipelines (and warehouses) are being
filled and as we have said before: The best cure against low price are low prices.
Cream: Prices down: at the moment it is sold at €3650-€3750/mt. Rest is unchanged: Not a great deal of supply
and even less demand at this stage. For Q1 we hear prices at and below €3300/mt DAP and somebody even
expected prices in January below €3000/mt (this was an end-user to be honest ;)
Butter: Prices stay rather stable, slightly down. Butter in private storage dd 09.11.2014 = 19680 MT, this week
only 423 MT went in. Price expectations for Q1 are far below Q4 prices…. (But None were close to IV…)
Foil ripened Gouda48: stable prices in a very quiet market. For Q1 prices are expected to go down (below Q4).
Milk volumes: EU is at the turning point. It seems Germany and Holland are trying to step on the brakes and
quite some countries have not yet found the brakes… (UK+6.2% Oct / PL +7.5% Sept / FR +6.6% Sept).
In general: Quiet week with buyers looking to cover Q1+Q2 at lower levels (compared to today). Colder weather
in USA and no new info out of China and/or Russia. For traders it is difficult to find a clear direction although we
are hanging closer to the floor then the ceiling …. Sentiment is slightly changed, fundamentals haven’t: We think
prices will drop further in Q1… at least .. we would bet a bottle of wine on it… (not a lot more).

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