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Dairy
Skimmed milk powder
17SMP EU - EU/MT
Jan 19 May 19 Sep 19 Jan 20 May 20 Sep 20 Jan 21 May 21
1,500
1,700
1,900
2,100
2,300
2,500
2,700
2,900
JS96 - SMP 1.25% exp fob W Eur
There has been a sharp increase in EU SMP prices since December 2020. Cold winter weather, and consequently
lower-than-expected milk collection across Europe, led to a decline of 6.1% y-o-y in SMP production during Q1
2021. This drop and a surge in exports of 5% y-o-y in Q1 2021 have kept EU SMP prices firm over the last month.
The May average price of EU SMP was EUR 2,579/MT, up 55.9% y-o-y and 1.2% m-o-m.
In May, the New Zealand SMP market consolidated its significant price gains during Jan-Apr 2021, due to
sustained demand from China. Over the last year, the trend of New Zealand SMP prices has had a steady uptick,
helped by the shift in production to more WMP. The May average price of NZ SMP was recorded at NZD 4,843/MT,
up 8.4% y-o-y and 1.1% m-o-m.
SMP NZ - NZD/MT
Jan 19 May 19 Sep 19 Jan 20 May 20 Sep 20 Jan 21 May 21
3,200
3,500
3,800
4,100
4,400
4,700
5,000
NZD2 - SMP ave fob NZ
The US SMP market is firm. Mexican buyers have recently started to buy aggressively, partly due to drought
concerns in Mexico. Milk collection is being channelled to cheeses and worries about tight SMP supplies later in
the year are rising. The May average price of US NFDM/SMP stood at USD 2,995/MT, up 34.6% y-o-y and 6.1%
m-o-m.
NFDM US - USD/MT
Jan 19 May 19 Sep 19 Jan 20 May 20 Sep 20 Jan 21 May 21
1,800
2,000
2,200
2,400
2,600
2,800
3,000
NFDM - SMP CME US (DH-3)