Sales of skimmed milk powder from intervention nears 200,000t mark
Total intervention Skimmed Milk Powder (SMP) sold to date by the European Commission is now around the 200k mark.
The latest tender for the product saw 30,067 t of SMP sold from intervention at €1251/t. Again this was an increase in tonnage and price from 2 weeks ago.
In the period January to July, EU SMP production grew by close to 3pc compared with the same period last year, supported by higher milk supply.
In mid-September, the SMP price was €1,580/t, over 13pc higher than in January. It had been increasing since April and levelled out at €1,630/t at the beginning of September, still 19pc below the last five-year trimmed average.
In the first seven months of the year, EU exports decreased by 1pc.
Nevertheless, exports to the Middle East (which includes some of the EU’s main export destinations) grew significantly, according to the EU Commission. Exports to Algeria (+16pc) and Egypt (+66pc) grew the most.
By contrast, exports to the main Asian markets (Indonesia, Philippines, Vietnam) continued to fall.
Those to some other markets (e.g. China) improved slightly, but still remained below last year’s levels.