CME: Auction Prices Higher For SMP, WMP

US - The Global Dairy Trade (Fonterra) auction index increased for the first time since early June, moving up 1.7 per cent from the previous event, writes Alan Levitt.
calendar icon 19 October 2011
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Higher prices for SMP and WMP offset declines in AMF and cheese.

The weighted average price for SMP was $3,292 ($1.49/lb.), up three per cent from the 4 October auction.

SMP from the United States (DairyAmerica) averaged $3,041/ton ($1.38/lb.) for November delivery. The weighted average price for WMP was $3,503/ton ($1.59/lb.), up 5.7 per cent from the previous event.

Meanwhile, AMF dropped 1.7 per cent to $3,645/ton ($1.65/lb.), the lowest price since AMF came on the auction platform in November 2009.

Cheddar cheese for industrial use received an average winning bid of $3,497/ton ($1.59/lb.), down 8.4 per cent.

The auction had no impact on NDM futures, which were unchanged today.

In the first seven months of the year, NDM/SMP exports from the EU, US, NZ and Australia were up 166,000 tons (+25 per cent) from a year ago.

The largest import increases came from Algeria (+37,000 tons), Mexico (+34,000 tons), China (+16,000 tons) and Brazil (+11,000 tons).

Further Reading

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