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Rabobank reports EU milk production fell 1.1% in Q1 2017, and European milk prices held steady through the first half. Butterfat prices have risen to record premiums over skim milk powder, with butter above 4,900 euros per tonne.
Skim milk powder recovered about 15% from a year earlier.
A strong butterfat premium and firmer skim powder prices reflect tight EU supply and demand for fats. This keeps European dairy prices supported, though the impact on US feed markets is limited.
demolenaar.nlDaniël KooistraJun 26, 2017Not 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.
