Butter is performing well. Although down for the week by 0.9% compared to a week earlier, it is now 2% ahead of 12 months ago with latest quotations at €304/100kg.
Skimmed milk powder (SMP) dropped back 2.4% to €174/100kg and whole milk powder is back by 4.3% to €229/100kg. Whey powder quotations fell 2.5% to €59/100kg.
Cheese products made slight gains except for Emmental which fell back 2.4% to €386/100kg.
SMP public intervention
Public intervention saw a relatively large offering for the week ended November 22, compared to recent weeks in particular with SMP volumes and Belgium sent the most product.
Belgium offered 1248t of SMP into intervention after no offers over the previous 6 weeks. This is the country’s third highest offering over the intervention period. Lithuania also offered a substantial 500t after offering nothing over the previous four weeks. 80t came from Poland for the week.
SMP Private Storage Aid
SMP offered into Private Storage Aid (PSA) also saw a jump in volumes for the week.
A total of 1795t was offered for the week. A total of 768t came from Belgium, 144t from Germany, 288t from Ireland, and 595t from Estonia.
Butter Private Storage Aid
Volumes of butter offered into PSA was consistent with previous weeks with a total of 649t for the week. The majority, 622t, came from the Netherlands and 28t came from Belgium.
Cheese Private Storage Aid
Volumes of cheese entering into the cheese PSA scheme has slowed right down with just 441t being entered for the week.
The scheme was opened by the European Commission as part of its aid package in October and isallowing up to 100,000t of cheese at country-capped levels.
Ireland, Italy and Sweden have exceeded their maximum national quantity. For the week ended November 22, France entered 396t into the scheme bringing their total to 1725t of a maximum 20,830t. The Netherlands entered just 45t to bring their total to 6631t. It still has 1525t before it reaches its maximum limit.
For the five weeks it has been open 27,000t has been entered into the scheme.
