All WMP futures contracts between March and September have increased between US$20/t and US$90/t. The March futures contract is now at US$1950/t – this is US$90/t higher than it was a week ago, but still US$110/t below the price a month ago. The April futures contract is at US$2040/t. Most prices for WMP futures contracts are above week-ago levels, though the margin is not significant.
The March futures contract for skim milk powder (SMP) also increased, but only by US$20/t and is now priced at US$1770/t.
The Contract 2 price for regular grade WMP was US$1835/t at the last GlobalDairyTrade (GDT) event. The Contract 2 prices for medium heat NZ-sourced SMP was $1735/t. Based on current price levels on the Derivatives market, we are therefore likely to see an increase in prices at this week’s GDT event.
There were 18 trades on Friday – all but one were for WMP. Five of the trades were for 100t or more of product, though most of the rest were for 50t or less. Most trades occurred at the offer price.
Over the last week, 2,176t of WMP was traded, 20t of SMP, 5t of anhydrous milkfat (AMF) and 5t of butter. Open interest positions have moved little. Open interest positions for WMP total 11,638 (+3.71%), for SMP 2,153 (+0.94%), for AMF 438 (no change) and for butter 380 (-1.30%).
