According to local contacts, EU spot milk prices have weakened as the impact of the heat wave is now over. There is a lot of uncertainty, and it is hard to book export orders, while domestic buyers are also cautious buying forward.

Cream prices are reported as stable-to-firm, but in the wide €4,400-4,600/t range. Butter prices are stable, with frozen butter at a discount to fresh product. Wholesale butter prices range from €3,250-3,350/t for Irish frozen and €3,450-3,550/t for Polish Sweet cream. These prices are uncompetitive with New Zealand supplies on the global market.

Prices for fresh SMP (food) are stable-to-firm in the €2,150-2,200/t range. The tightness in the market is caused by some traders who were caught short due to their participation in the latest Onil-Algeria tender. Gouda spot prices are stronger, in the €2,850-2,900/t range. Offers for Q4-20 delivery are reported at €2,940/t.