However, WMP is set to reach just US$2315/t by June. This continues to be below the price WMP futures were trading at a month ago, and even further down on levels WMP futures were reaching in the latter half of last year.
A few skim milk powder (SMP) futures contracts (May, August and September contracts) have eased, but only by US$10-25/t. Similarly for anhydrous milkfat (AMF), the August, September and October futures contracts have eased by US$20-25/t.
Butter futures have also eased in price, for all contracts between March and June. The movements are relatively small, except for the April contract, which fell by US$150/t.
There have been 20 trades so far this week, 16 of which were for WMP futures. The remainder were for AMF or butter futures. Volumes on Monday were small; however there were a number of larger trades yesterday. Across 4 separate trades, 800t of WMP futures were traded, one of which was a block trade. There was also one trade for 100t of AMF.
Volumes traded last week were up on the previous week for WMP, SMP and AMF futures. A total 3515t of WMP was traded (+1835), 300t of SMP (+300) and 115t of AMF (+90). Less butter was traded than the previous week, at 80t (-280t).
Open interest positions have decreased for all products. WMP futures close last week with 16,479 open positions (-18.76%), SMP with 1991 open positions (-27.84%), AMF with 304 open positions (-3.80%) and butter closed the week with 350 open positions (-35.19%).
