The August NZX SMP contract settled at $3,550/MT, down $200/MT from the week prior while the August WMP contract settled down $230/MT from the week prior at $2,900/MT.
We look for NFDM to open soft
Butter futures between unchanged and 3.500 cents lower after an active trading session which saw a total of 87 trades take place. The third quarter butter futures pack average dropped 1.459 cents lower on Friday to finish out the week at 229.833, while registering a week over week total gain of 8.116 cents.
The NDPSR for the week ending 7/12 posted with the butter price at $2.13120, up 2.97 cents week over week. Total sales were estimated at 3,984,082 pounds, up 36.0% week over week. The weekly cold storage holdings report for selected storage centers for the week ending 7/11 estimated butter stocks at 21.444 million pounds, with a week over week increase of 0.2%, while sitting 9.6% higher than during the same period last year. The July 15th GDT auction resulted in the all-contracts AMF price declining by 10.0% to the price of $1.4740, and when adjusted to the 80% butterfat equivalent to $1.1816. The all-contracts butter price slipped 1.1% lower to post at $1.4261, and when adjusted to the 80% butterfat equivalent to $1.3913. The all-contracts BMP price dropped 4.6% lower to $2.0074. The DMN bi-weekly international prices report posted with the Oceania butter price declining by 4.54 cents (2.70%) to $1.6329 while the Western Europe butter price slipped 1.13 cents (0.52%) lower to $2.1546.
The NZX’s August AMF contract settled Friday at the price of 3,150/MT, down $630/MT week over week.
We look for butter to open soft
Dry Whey Futures
Dry Whey futures settled Friday’s session with mixed results as the July contract inched 0.4500 cents higher, September down 1.125 and the February through April of 2015 contracts finished between 0.0250 cents lower and 0.700 higher, leaving all other contracts unchanged. The third quarter futures pack average finished the week at the price of 66.2000, down 0.2250 cents on the day while increasing by a total of 0.0333 cents week over week.
The National Dairy Products Sales Report’s (NDPSR) whey price for the week ending 7/12 slipped 0.68 cents lower to 68.76 cents with weekly sales totaling 8,739,512 pounds, up 46.5% from the week prior. The DMN bi-weekly international prices report released July 17th posted with the Western Europe dry whey price holding 61.24, unchanged from the previous report.