On Monday, prices for the January, February and March WMP contracts all eased, as did the July contract, though none of the falls were more than US$50/t. A total of 350t was traded across 6 trades. WMP prices eased eased further on Tuesday, though again, most prices did not come back by much. The August 2016 contract fell US$100/t, reaching US$2700/t. There were 7 trades on Tuesday, with 290t traded.
The forward price curve for WMP is quite flat again. The January contract is at US$2350, and WMP prices are reaching just US$2550/t by June – the end of the milk production season.
For skim milk powder (SMP), a number of bids were placed across contract periods until September 2016, but none were accepted. The bids were all at least US$100/t less than each SMP contract previously settled for.
For anhydrous milkfat and butter, bids were placed across all contract periods until June 2016 at the same value at which each contract previously settled for. The corresponding offer amounts have all been higher. No trades have taken place.
