Market activity was quiet early in the week, with few trades occurring. However, after the GlobalDairyTrade auction on Wednesday morning, activity picked up considerably and carried through the rest of the week.
12 small trades occurred on Friday. The largest volume in any trade was 50t. Almost all of the trades occurred at the bid price rather than the offer price.
Volumes traded last week were mostly in products other than WMP, however. The volume of butter futures traded was up by 330t, from zero for a number of weeks prior. Anhydrous milkfat (AMF) volumes were up by 184t (also from zero). Skim milk powder (SMP) traded just 15t from zero the previous week. WMP was down by 165t, trading a total of 775t last week.
Butter and AMF had the most movement in open interest positions also. Butter closed the week at 570 open positions (+42.50%), AMF at 348 open position (+112.2%) and WMP at 19,850 open positions (+1.90%). Open positions for SMP were down slightly at 2759 open positions (-0.04%).
