Whole milk powder (WMP) futures closed out the week at US$2300/t for the November 2015 contract – a decline of US$270/t from last week. Skim milk powder (SMP) futures was at US$1920/t for the same contract period, anhydrous milkfat (AMF) futures at US$3700/t and butter futures at US$2600/t.
The market is continuing to look very flat for future-dated contracts. The change that AgirHQ expected to see in the market post-GDT has not yet eventuated.
Activity in the latter part of the week was higher however – both on and off market. On Thursday, 1470t at a value of US$3.46m was traded on-market, while 1800t at a value of US$4.22m was traded off-market.
Open interest positions were up for WMP futures, which closed the week at 29,127 open positions (18.3%). Open positions were up for SMP futures as well, closing the week at 5377 open positions (+7.1%).
