The European market is currently quiet due to the long Easter weekend. Buyers are well covered and in no rush to buy dairy products in anticipation of the spring flush in the Northern Hemisphere. Meanwhile, farmers are still receiving relatively high milk prices and have a good incentive to keep producing milk.

SMP prices are crashing and sparking conversations we might see intervention pricing sometime this year. SMP (food grade) is currently quoted in the €2,150-2,250/t range. Butter prices also continue to track lower, down to the €4,350-4,550/t range (with Irish quotes as low as €4,200/t), despite stable-to-higher cream prices. Gouda is stable in the €3,150-3,200/t range, while mozzarella is lower at €2,900-2,950/t.