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Europe must move to sell Skimmed Milk Powder stocks

2 Jan 2018

Source: Global Dairy Trade

 

Europe must move to sell some of the skimmed milk powder stocks currently held in intervention, Michael Hanley, CEO of Lakeland Dairies, has warned. “Demand seems to be up by 1.5% and supply seems to be the same. The market isn’t that much out of balance today. However, the one overhang that is there is the 400,000t of skimmed milk powder in intervention.” He continued: “The outlook for milk price does look weaker than it did six months ago. But, if a couple of hundred thousand tonnes of skim were moved out of intervention the outlook would be different.”

 

“There’s 2t of skim for every tonne of butter and butter prices climbed all the way up to €7,000/t, which was totally unexpected. However, skim prices went from €2,000/t down to €1,400/t; skim has dropped significantly, while butter prices have risen and that has helped to increase milk prices over the past 10 months. Butter has now come back from €7,000/t and skim is below intervention prices. The commissioner (Phil Hogan) now has to question whether he is going to pay an intervention price, which is poor enough for skim going forward.”

 

Market Insights

 

SMP market in EU has stabilized in past month and no further decrease in price is being observed. Price expectation is below 1400 Euro/MT however decision is in EU Commission hands.

 

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