market in oceania held steady with only minor price fluctuations within the range. Global demand remains strong with supplies tight. Most supplies in the near term are committed. Some buyers are buying hand to mouth, hoping for the possibility of increased supplies and lower prices coming from the northern hemisphere. U.S. milk and SMP production have been below expectations and have not factored greatly into the supply side of the global SMP pricing equation. China is slowly coming back into the market following the New Year's holiday. Export interest remains active from Southeast Asia, the Middle East and North Africa,