Prices for the butter futures contracts as at February 9 fell across the board compared to the week before with all contracts priced below €2600/t (US$2920/t).
The largest drop in price was seen in the April-July contracts which all fell more than 6%. The EEX butter forward curve is fairly flat with the February contract priced at €2568/t (US$2890/t) for February contracts and €2533/t (US$2850/t) for August contracts.
NZX butter futures also took a dive from the previous week dropping between 8%-12% to below USD$3000/t across the board. Heavier falls were seen for nearer contracts and July-September contracts fell between 8%-9%. As at February 9. NZX butter futures contracts for February were priced at US$2875/t and prices were to rise slightly through to the September contract which was priced at US$3000/t. NZX butter futures prices have since eased a little further.
EEX skimmed milk powder futures saw smaller mixed movements in price of less than 1% in either direction.
The February contract is priced at €1629/t (US$1830/t) rising to a August contract price of €1665/t (US$1870/t).
NZX SMP futures fell across all contracts except the February one which was unchanged from a week ago.
Movements of less than 6% were seen on March-June contracts rising to a fall of nearly 15% for the September contract.
The March contract is priced at US$1650/t and generally rise to a September contract price of US$1800/t.
