Milk deliveries in Germany probably reached their lowest point of 2024 in the week before last. According to calculations by the ZMB, there was a slight increase in deliveries of 0.3% compared to the previous week. In terms of total volume, however, the raw material recorded is still well below the previous year at 1.3%. At the end of November, deliveries were still at a very low level. Due to seasonal factors, demand for products containing fat increases in the run-up to Christmas. This is offset by a limited supply, both from production and in the form of low stock levels. Retailers were largely reluctant to place additional orders for packet butter due to the high price level. Prices for block butter remained at the level reached. As a result, butter prices on the EEX fell slightly. The market for semi-hard cheese is currently characterized by good demand. The brisk demand could continue in the run-up to Christmas. Cheese prices were stable to slightly rising at a very good level. In the 48th calendar week, the quotation commission in Hanover raised the price for block goods by around 5 cents. The new range is therefore 4.65 to 4.75 EUR/kg. A range of 4.95 to 5.15 EUR/kg was quoted for bread products. The market for whole milk powder was stable with only a few transactions. The high cream prices slowed production as they made processing less lucrative. For whey powder, scarce availability drove prices up slightly, especially for contracts for the coming year. Overall, market conditions were partly lively and partly calm, depending on the product and quality. The weak euro exchange rate against the dollar is currently also increasingly favoring exports to third countries. It is reported that, among other things, tenders are being invited for North Africa. Spot milk prices were inconsistent at the end of the month. According to calculations by the ife Institute in the 47th calendar week, prices in Germany fell by 0.9 cents to 59.5 cents/kg. Italy increased slightly, depending on the region. The price of spot milk in the Netherlands moved sideways.
ZMP Live Expert Opinion
Milk supplies remain tight, but are showing initial signs of stabilization (+0.3%). High demand meets limited supply, which supports prices for cheese and butter. Spot milk prices are inconsistent, exports are benefiting from the weak euro. Overall, the market is showing seasonal tensions with prices rising in some cases.
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