Dairy
Skimmed milk powder
1,400
1,800
2,200
2,600
3,000
3,400
Dec 19 Mar 20 Jun 20 Jun 21 Sep 21 Dec 21
SMP EU - EUR/MT
Sep 20 Dec 20 Mar 21
JS96 - SMP 1.25% exp fob W Eur
In December, the EU SMP price continued its upward trend, attributed to tight supplies, healthy
domestic consumption and sustained export demand compared to supply. Low availability for skimmed
milk concentrate left SMP manufacturers with just enough supplies to fulfil existing contracts. Spot
buyers were reportedly having to put together deals with multiple sources to meet their needs. Thus,
the December average price of EU SMP was EUR 3,263.2/MT, up 3.9% m-o-m, and up 50.3% y-o-y.
In December, the New Zealand SMP market continued to rise, due to sustained demand from China
and Southeast Asian markets. This price rise led New Zealand SMP prices to converge with their EU
and US counterparts, thus achieving a two-year high at 4.6% m-o-m reaching NZD 5,462.7/MT, up
34.3% y-o-y.
3,600
4,000
4,400
4,800
5,200
5,600
Dec 19 Mar 20 Jun 20 Sep 20 Jun 21 Sep 21 Dec 21
SMP NZ - NZD/MT
Dec 20 Mar 21
NZD2 - SMP ave fob NZ
The average price of US NFDM rose in December. SMP supplies are gradually tightening and demand
from international markets remains strong. Despite the December price increase, US SMP prices are
competitive in the global market, strengthening the tight supply. The December average price of US
NFDM/SMP was USD 3,524/MT, up 5.2% m-o-m, and up 37.6% y-o-y.
1,800
3,600
3,300
3,000
2,700
2,400
2,100
Dec 19 Mar 20 Jun 20 Jun 21 Sep 21 Dec 21
NFDM US - USD/MT
Sep 20 Dec 20 Mar 21
NFDM - SMP CME US (DH-3)
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