SKIM MILK POWDER (SMP): Prices for SMP were unchanged this reporting
period. The SMP market is very competitive with plenty of global supplies
available. Production in the region is active and supplies are building,
though not described as burdensome. Export demand has been fairly steady
with sales described as "ticking along". The market has a bearish undertone
due to the readily available international supplies and prices nearing
intervention levels in Europe. At the December 16 GDT event 130, SMP for
all regions and contracting periods averaged $2,320 per MT, -3.2%. For
trading in contract period 2, February 2015, prices averaged $2,285 for NZ
sourced medium heat product, down $100 from the prior event.