Of this, 87 lots (435t) were in butter futures and 357 lots (1785t) were in skimmed milk powder futures.
The EEX noted that 180 lots (900t) of the SMP that traded last week traded for the first half of 2017, marking the furthest out the curve an EEX product has ever traded, and activity on these contracts has continued this week.
Price movements for the butter futures contracts as at March 8 were varied in direction within a small range of -1.2% to 0.69% compared to a week before. The forward curve for butter futures showed a distinctive "U" shape.
The price for the March contract remained steady at €2450/t (US$2695/t) compared to a week earlier. The price drops for contracts between April-July which are priced similarly at €2393/t (US$2632/t). The contracts then rise in price to September at €2467/t (US$2713/t).
The only notable price movement for NZX butter futures on the same day was for the October contract which dropped 3.4% (US$100) to US$2865/t. Prices for NZX butter futures over the Mar-Oct contracts are in a tight range of US$2825/t-US$2925/t.
SMP futures price movements mostly improved, with a range of -0.3% to 2.07%.
The March contract was priced at €1665/t. Prices remained flat for contracts to May and then slowly improve in price out to €1725/t for the September contract.
NZX SMP futures contract prices gained considerably for the April-Jun contracts with movements up to 9%, lifting US$155/t. Prices for NZX SMP futures contracts range from US$1825/t-US$1900/t.
