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Dairy
Skimmed milk powder
20SMP EU - EUR/MT
Aug 20 Nov 20 Feb 21 May 21 Aug 21 Nov 21 Feb 22 May 22 Aug 22
1,200
1,600
2,000
2,400
2,800
3,200
3,600
4,000
4,400
JS96 - SMP 1.25% exp fob W Eur
In August, the EU SMP price continued declining. The market sentiment remains bearish with limited buying interest,
either in Europe or on international markets. Demand has been muted as many buyers purchased ahead of summer.
Thus, the August average price of EU SMP was EUR 3,807/MT, down by 3.7% m-o-m, but up 52.6% y-o-y.
In August, the New Zealand SMP price continued declining to a nine-month low. This dip is attributed to lower
demand than in July from Asian markets, which are New Zealand's main export markets for dairy. Asian buyers
were waiting for New Zealand SMP prices to return to more affordable prices. Therefore, New Zealand's SMP price
reached USD 3,495/MT, down 11.7% m-o-m, but up 12.5% y-o-y.
SMP NZ - USD/MT
Aug 20 Nov 20 Feb 21 May 21 Aug 21 Nov 21 Feb 22 May 22 Aug 22
2,400
2,800
3,200
3,600
4,000
4,400
4,800
NZD2 - SMP ave fob NZ
In August, the CME US NFDM (SMP) spot price reached a new 2022 low. The US SMP market remained quiet in
August with low buying interest due to sufficient supplies. US SMP export sales decreased by 8.3% y-o-y, from Jan
-Jul '22. Thus, the August average price of US NFDM/SMP was USD 3,406/MT, down 4.2% m-o-m, but up 20.3%
y-o-y.
NFDM US - USD/MT
Aug 20 Nov 20 Feb 21 May 21 Aug 21 Nov 21 Feb 22 May 22 Aug 22
1,800
2,100
2,400
2,700
3,000
3,300
3,600
3,900
4,200
NFDM - SMP CME US (DH-0)