SKIM MILK POWDER (SMP): Skim milk powder prices are steady to weak. Prices
are nearing intervention levels with general acknowledgement throughout the
industry that prices will drop to those levels sometime after the New Year.
Export demand, which has been relatively active, is weakening as most Q1
needs are covered. Export demand beyond Q1 is quiet as many buyers are
taking a wait and see attitude in hopes of possible lower prices. PSA
volumes through the first week of December totaled 15,100 MT.