All SMP futures contracts between March and July have declined in price, by between US$45/t and US$75/t. The March futures contract for SMP is now priced at US$1780/t. This is just below the average selling price for SMP achieved at the last GlobalDairyTrade (GDT) event, indicating that we could see a small decline in this product group at this week’s GDT event.
There have also been price declines for WMP futures, with both the April and June contracts declining by US$20/t. The March futures contract for WMP is currently priced at US$2005/t, just above the average selling price achieved at the last GDT.
One of Friday’s trades for WMP was a block trade of 150t for the March futures contract. All of the SMP trades were for just 20t of product, and there was another 196t of WMP traded.
The volume of WMP traded last week was up on the week before; with another 2251t of product traded (a total 4173t was traded last week). Volumes traded for all other products were down on the previous week however. There was 100t of SMP traded (-122t), 5t of anhydrous milkfat (-33t) and no butter (-49t). Open interest positions were similarly up for WMP but down for all other products. WMP closed the week with 15,232 open positions (+14.57%), SMP with 2231 open positions (-0.67%), anhydrous milkfat with 448 (-5.88%) and butter with 359 (-16.32%).
