Recent commodity prices for SMP and butter continue to trend lower.

Since the start of June, butter prices have corrected, with German butter selling for €3,900/t, down €100/t since the beginning of July. Butter from the Netherlands was priced at €3,750/t last week, down €170/t since 3 July. SMP prices have also declined since the beginning of July, with German SMP valued at €2,475/t and SMP from the Netherlands at €2,410/t.