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AHDB reported that October returns for butter and SMP processors exceeded returns for mild Cheddar for the first time in 16 months. Rising SMP values, driven by tighter supply, offset weaker butter prices, while declining whey prices reduced Cheddar-side returns.
Stronger SMP returns signal firmer demand for skim milk powder, a dairy protein used in animal feed. Shifting processor economics can redirect milk toward butter and powder production.
ahdb.org.ukNov 5, 2019Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
