SWP
US still feels a bit firmer than EU
Europe
Tables have shifted in the feed market
In the past five weeks the feed whey prices have jumped up in almost weekly steps to the current price of EUR 885 delivered Netherlands, as the buyside turned out to be quite short covered. The food market had not been following suit during July, but in the first week of August some brands began to trade a little higher. As a result the food SWP price range narrowed somewhat to EUR 920-1120 ex works. The WPC80 prices remain at their high levels as well and the downward potential is limited. It is difficult to say if the strength in WPC-80 implies that there is further upward potential in the SWP price.
Americas
Tighter supply supports food prices
After a weaker period the US SWP market is now strengthening a little. The availability of the top tier food grade has tightened and the price has risen to USD 0.59-0.60/lb (1310/t) ex works. The current market tightness is expected to be short lived as more supply of liquid whey will come online towards Q4. The WPC market remains firm as well. At the current price exports of SWP are not feasible but as the market is currently in holiday mode there are not too many worries about that.
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