Dairy markets are starting to slowly firm after the end of the holiday season. SMP prices were boosted by a positive GDT result, slower milk growth in France and Germany, and the outcome of the latest ONIL tender in Algeria. SMP prices are reported in the €2,150-2,200/t range, but with a higher Euro, EU-suppliers will find it hard to book export deals.

Cheese prices are also firming, with whey product availability implying cheese output is under pressure. Gouda spot prices are reported in the €2,800-2,850/t range and at €2,800-2,900/t for September-October delivery. Meanwhile, cream is stable in the €4,450-4,500/t range. Butter is higher however at €3,500/t, with a stronger German retail price. September butter is sold in a wide €3,600-3,800/t range but still below the cream’s current fat-equivalent price.