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Milk Market Situation
Brussels, 7 April 2011
Market Situation, 7 April 2011 2
!!! Data from some Member States are confidential and are NOT included in this table !!!
EU Productions
EU-27 Deliveries/Productions development(Jan 2011 compared to Jan 2010)
Total Butter+ 1.4%
Cows' Milk Collected+ 3.1%
Skimmed-milk powder+ 13.0%
Milk powder cream, Whole milk powder and partly skimmed
milk powder+ 1.3%
Cheese+ 4.4%
Fermented milk- 0.2%
-8% -6% -4% -2% 0% 2% 4% 6% 8% 10% 12% 14% 16%
Ev
olu
tio
n e
n %
.
Source: MS’ communications to Eurostat
EU-27 Deliveries/Production developments(Apr 10-Jan 11 compared to Apr 09-Jan 10)
Total Butter- 0.2%
Skimmed-milk powder- 2.4%
Milk powder cream, Whole milk powder and partly skimmed
milk powder- 0.1%
Cheese+ 2.6%
Fermented milk+ 2.2%
Cows' Milk Collected+ 2.2%
-10% -8% -6% -4% -2% 0% 2% 4% 6% 8%
Ev
olu
tio
n e
n %
Market Situation, 7 April 2011 3
-24.0% to -18.0% -18.0% to -12.0% -12.0% to -6.0% -6.0% to +0.0% +0.0% to +6.0% +6.0% to +12.0% +12.0% to +18.0% +18.0% to +24.0%
+4.7
-3.2
-0.1
-0.5
+2.4
+8.4
+21.2
-4.9+1.2
+6.9
-2.2
0
+9.2
+7.4
+2.6
+0.3
0
+2.0
+4.1
+3.9
+0.7
-8.4+2.2
-2.7
0
-0.7
+5.8
Source: MS’ communications to Eurostat
Market Situation, 7 April 2011 4
-16.0% to -12.0% -12.0% to -8.0% -8.0% to -4.0% -4.0% to +0.0% +0.0% to +4.0% +4.0% to +8.0% +8.0% to +12.0% +12.0% to +16.0%
+5.5
-3.1
-1.0
+1.7
+2.3
+4.4
+12.3
-0.1+1.5
+4.5
-2.1
+2.5
+6.9
+2.8
+4.5
-8.1
0
+1.6
+3.4
-0.5
-1.7
-8.2+1.0
-4.6
-0.1
-1.5
+4.0
Source: MS’ communications to Eurostat
Market Situation, 7 April 2011 5Source: MS’ communications to Eurostat
Monthly Deliveries EU 27
9 000
9 500
10 000
10 500
11 000
11 500
12 000
12 500
13 000
DNOSAJJMAMFJ
1000 t
onne
s
2008 2009 2010 2011
Market Situation, 7 April 2011 6
EU 15/12 Milk Deliveries and Prices1
49
2
1 3
80
1 5
41
1 5
43
1 7
13
1 6
85
1 6
79
1 6
56
1 5
36
1 4
64
1 3
43
1 4
02
1 4
04
1 2
92
1 4
77
1 5
10
1 6
51
1 6
34
1 6
32
1 6
20
1 5
34
1 4
77
1 4
05
1 4
25
9 6
62
9 0
35 10
21
0
10
35
5
10
69
6
10
05
7
9 8
42
9 4
66
8 8
69
9 1
25
8 8
16
9 3
14
9 5
28
8 9
43 10
20
7
10
31
9
10
92
0
10
28
8
10
04
9
9 7
86
9 3
63
9 5
59
9 1
46
9 4
58
9 8
34
1 3
55
23
.4
21
.5
21
.1
21
.1
20
.9
20
.5
21
.0 21
.7
22
.1 22
.9
24
.8 25
.6
26
.0
26
.4
26
.7
26
.6
26
.0
25
.9
26
.0 26
.8 28
.2
30
.4
30
.3
29
.5
27
.3
25
.1
25
.0
25
.2
25
.5 26
.3 27
.0
27
.6 29
.0
28
.8
29
.4
29
.0
28
.3
28
.4 29
.2 30
.2 31
.3 32
.5 33
.4
33
.5
33
.8
33
.7
33
.4
30
.1
28
.8 30
.1
0
5
10
15
20
25
30
35
Ja
n 0
9
Fe
b 0
9
Ma
r 0
9
Ap
r 0
9
Ma
y 0
9
Ju
n 0
9
Ju
l 09
Au
g 0
9
Se
p 0
9
Oc
t 0
9
No
v 0
9
De
c 0
9
Ja
n 1
0
Fe
b 1
0
Ma
r 1
0
Ap
r 1
0
Ma
y 1
0
Ju
n 1
0
Ju
l 10
Au
g 1
0
Se
p 1
0
Oc
t 1
0
No
v 1
0
De
c 1
0
Ja
n 1
1
Fe
b 1
1
Ma
r 1
1
Ap
r 1
1
Ma
y 1
1
Ju
n 1
1
Ju
l 11
Pro
du
ctio
ns
in 1
000
To
ns
-
2 000
4 000
6 000
8 000
10 000
12 000
14 000
16 000
18 000
20 000
22 000
24 000
26 000
28 000
Pri
ces
in E
UR
/100
kg Raw Milk Deliveries (EU-12)
Raw Milk Deliveries (EU-15)
Weighted average Milk price (EU-12)
Weighted average Milk price (EU-15)
Source : Eurostat, Reg. (EC) No 429/2010 Art. 3
Market Situation, 7 April 2011 7
Sources : MS’ communications under reg. 562/2005 & 479/2010, LTO website
Milk Prices Evolution (up to February 2011)
20
22
24
26
28
30
32
34
36
38
40
42
44
46
48
50
Ap
r 0
1
Oct
01
Ap
r 0
2
Oct
02
Ap
r 0
3
Oct
03
Ap
r 0
4
Oct
04
Ap
r 0
5
Oct
05
Ap
r 0
6
Oct
06
Ap
r 0
7
Oct
07
Ap
r 0
8
Oct
08
Ap
r 0
9
Oct
09
Ap
r 1
0
Oct
10
Ap
r 1
1
EUR/100 kg
LTO Weighted Average Milk Price * (standardized 4.2% fat)
Weighted EU Average (real fat content)
EU Milk Equivalent Price (based on EU SMP and Butter prices)
LTO : Land- en Tuinbouworganisatie Nederland (http://www.milkprices.nl/)
Market Situation, 7 April 2011 8
EU Milk Prices(February 2011 compared to February 2010)
52.0
45.1
40.839.8
38.6
35.7 35.6 34.8 34.6 33.9 33.2 33.1 33.1 32.9 32.2 32.2 31.7 31.4 31.2 31.1 30.9 30.8 30.3 29.9 29.8 29.3 28.927.5
14
18
22
26
30
34
38
42
46
50
54
CY MT EL SE FI NL IT DK AT BE DE EU27
FR IE BG CZ LU EE SK PT HU ES PL UK LT LV SI RO
in E
UR
/10
0 k
g
Milk Price 2009 Milk Price 2010
Source: MS’ communications under Reg. 479//2010
NB: The above national price averages are of mixed nature, some relate to standardised milk, others to milk with real fat and protein content, pending harmonisation under reg. 479/2010
Estimates for BG, CZ, DK, EL, IT and MT
Market Situation, 7 April 2011 9
Source: MS’ communications under Reg. 479//2010
NB: The above national price averages are of mixed nature, some relate to standardised milk, others to milk with real fat and protein content, pending harmonisation under reg. 479/2010
EU annual Milk Prices(2010 compared to 2009)
51.3
44.3
33.8 33.731.9 31.8 31.5 31.0 31.0 30.8 30.5 29.8 29.4 28.7 28.3 27.9 27.7 27.6 27.3 27.3 26.8 26.0
25.1 25.123.9
37.237.3
30.5
14
18
22
26
30
34
38
42
46
50
54
CY MT EL FI IT SE DK AT NL DE FR IE EU27
BE LU ES PT CZ UK EE BG PL SK SI HU LT LV RO
in E
UR
/100
kg
.
Average milk price 2009
Average milk price 2010
Market Situation, 7 April 2011 10
EU 27 BUTTER+BUTTEROI L Production
120
130
140
150
160
170
180
190
DNOSAJJMAMFJ
100
0 t
onne
s
2008 2009 2010 2011
Sources : EUROSTAT Newcronos
Market Situation, 7 April 2011 11
EU 27 SMP Production
40
50
60
70
80
90
100
110
120
DNOSAJJMAMFJ
1000 t
onne
s
2008 2009 2010 2011
Sources : EUROSTAT Newcronos
Market Situation, 7 April 2011 12
EU 27 CHEESES Production
600
620
640
660
680
700
720
740
DNOSAJJMAMFJ
1000 t
onne
s
2008 2009 2010 2011
Sources : EUROSTAT Newcronos
Market Situation, 7 April 2011 13
Monthly EU15/25 SMP Prices
150
175
200
225
250
275
300
325
350
375
400
425
Jan
Feb
Mar
Apr
May
Jun Jul
Aug
Sep
Oct
Nov
Dec
EU
R/1
00 k
g
2008 2009 2 010 2 011 I P 2009
Source: MS’ communications under Regs. 562/2005 and 479/2010
Market Situation, 7 April 2011 14
EU SMP Prices(up to 3/04/2011)
283.0
262.2254.8 254.4
244.4 243.2 242.5 239.4 233.3 227.7
0
50
100
150
200
250
300
LV SK BE CZ PL IE DE EU 27 UK FR
in E
UR
/10
0 k
g
Source: MS’ communications under reg. 479/2010
Market Situation, 7 April 2011 15
Monthly EU15/25 BUTTER Prices
150
175
200
225
250
275
300
325
350
375
400
425
Jan
Feb
Mar
Apr
May
Jun Jul
Aug
Sep
Oct
Nov
Dec
EU
R/1
00 k
g
2008 2009 2 010 2 011 I P 2009
Source: MS’ communications under Regs. 562/2005 and 479/2010
Market Situation, 7 April 2011 16
EU Butter Prices (up to 3.04.2011)
410399
391 385 382 381366
373
354
335325
412
150
175
200
225
250
275
300
325
350
375
400
425
450
475
NL PT DE BE CZ SK LV FR PL IE ES GB
EU
R/1
00 k
g
Butter Price of Reg. 479/2010Butter Intervention price
EU-27 weighted average
I.P. = 221.75
Source: MS’ communications under reg. 479/2010
Market Situation, 7 April 2011 17
Source: MS’ communications under reg. 562/2005 and 479/2010
EU Quotations of Butter and SMP(EU average based on MS communication and weighted by production)
140
160
180
200
220
240
260
280
300
320
340
360
380
400
420
440
Jan
03
Apr
03
Jul
03
Oct
03
Jan
04
Apr
04
Jul
04
Oct
04
Jan
05
Apr
05
Jul
05
Oct
05
Jan
06
Apr
06
Jul
06
Oct
06
Jan
07
Apr
07
Jul
07
Oct
07
Jan
08
Apr
08
Jul
08
Oct
08
Jan
09
Apr
09
Jul
09
Oct
09
Jan
10
Apr
10
Jul
10
Oct
10
Jan
11
Apr
11
in E
UR/1
00 k
g
.
BUTTER SMP
Market Situation, 7 April 2011 18
6 105 T.
Butter Stocks7.04.2011
Private Storage : 18 459 Tons
Intervention Stocks : 1 544 Tonsof which Most Deprived : 1 544 TonsAvailable : 0 Ton
0 T.
254 T.
0 T.
0 T.
0 T.
0 T.
182 T.
0 T.
1 363 T.
0 T.
0 T.
0 T.
5 144 T.
8 094 T.
0 T.
0 T.
364 T.
506 T.
0 T.
0 T.
0 T.
1 088 T.
444 T.
5 206 T.
46 T.
Sources : Member States communications
Market Situation, 7 April 2011 19
Intervention Stocks : 146 513 Tonsof which Most Deprived : 93 899 Tonsavailable for sale : 52 614 Tons
SMP Stocks7.04.2011
11 153 T.
53 005 T.
32 020 T.
22 438 T.
3 227 T.
13 899 T
830 T.
191 T. 899 T.
1 365 T.
4 282 T.
2 597 T.
607 T. 0 T.
Sources : Member States communications
Market Situation, 7 April 2011 20
Monthly EU15/25 WMP Prices
150170190210230250270290310330350370390410
Jan Feb
Mar
Apr
May
Jun Jul
Aug
Sep
Oct
Nov
Dec
2008 2009 2 010 2 011
Source: MS’ communications under Regs. 562/2005 and 479/2010
Market Situation, 7 April 2011 21
Monthly EU CHEDDAR Prices
180
200
220
240
260
280
300
320
340
360
380
400
420
Jan
Feb
Mar
Apr
May
Jun Jul
Aug
Sep
Oct
Nov
Dec
2008 2009 2010 2011
Monthly EU15/25 EDAM Prices
200220240260280300320340360380400420
Jan
Feb
Mar
Apr
May
Jun Jul
Aug
Sep
Oct
Nov
Dec
2 010 2008 2009 2 011
Source: MS’ communications under Regs. 562/2005 and 479/2010
Market Situation, 7 April 2011 22
Monthly EU15/25 WheyPowder Prices
0
20
40
60
80
100
120
Jan
Feb
Mar
Apr
May
Jun Jul
Aug
Sep
Oct
Nov
Dec
2 010 2008 2009 2 011
Source: MS’ communications under Regs. 562/2005 and 479/2010
Market Situation, 7 April 2011 23
EU Income of manufacturing of Cheese/Wheypowder, SMP/Butter and WMP/Butter in EUR
150
200
250
300
350
400
450
500
550
Ma
r 0
7
Ma
y 0
7
Jul 0
7
Se
p 0
7
No
v 0
7
Jan
08
Ma
r 0
8
Ma
y 0
8
Jul 0
8
Se
p 0
8
No
v 0
8
Jan
09
Ma
r 0
9
Ma
y 0
9
Jul 0
9
Se
p 0
9
No
v 0
9
Jan
10
Ma
r 1
0
Ma
y 1
0
Jul 1
0
Se
p 1
0
No
v 1
0
Jan
11
Ma
r 1
1
EU
R f
or
10
00
kg
of
Milk
Cheese/Butter/Whey
SMP/Butter
WMP/Butter
Source: Reg. 562/2005 and 479/2010
Market Situation, 7 April 2011 24
WORLD Income of manufacturing of Cheese/Wheypowder, SMP/Butter and WMP/Butter (in USD).
150
200
250
300
350
400
450
500
550
600
650
Ma
r 0
7
Ma
y 0
7
Jul 0
7
Se
p 0
7
No
v 0
7
Jan
08
Ma
r 0
8
Ma
y 0
8
Jul 0
8
Se
p 0
8
No
v 0
8
Jan
09
Ma
r 0
9
Ma
y 0
9
Jul 0
9
Se
p 0
9
No
v 0
9
Jan
10
Ma
r 1
0
Ma
y 1
0
Jul 1
0
Se
p 1
0
No
v 1
0
Jan
11
Ma
r 1
1
US
D f
or
10
00
kg
of
Milk
Cheese/Butter/Whey
SMP/Butter
WMP/Butter
Source: USDA
Market Situation, 7 April 2011 25
USD/EUR
1.4300
Source: European Central Bank
Market Situation, 7 April 2011 26
EU/US/Oceania Quotations of Butter
4 900
5 320
4 470
1 000
1 500
2 000
2 500
3 000
3 500
4 000
4 500
5 000
5 500
6 000Ja
n 04
May
04
Sep
04
Jan
05
May
05
Sep
05
Jan
06
May
06
Sep
06
Jan
07
May
07
Sep
07
Jan
08
May
08
Sep
08
Jan
09
May
09
Sep
09
Jan
10
May
10
Sep
10
Jan
11
Pri
ces
in U
SD
/to
nn
e
Avg Oceania Butter quotation
Avg EU Butter internal Price
Avg US Butter quotation
Source: MS’ communications under regs. 562/2005 and 479/2010 & USDA market news
Market Situation, 7 April 2011 27
EU/US/Oceania Quotations of SMP
3 600
3 390
3 970
1 000
1 500
2 000
2 500
3 000
3 500
4 000
4 500
5 000
5 500
Jan
04
May
04
Sep
04
Jan
05
May
05
Sep
05
Jan
06
May
06
Sep
06
Jan
07
May
07
Sep
07
Jan
08
May
08
Sep
08
Jan
09
May
09
Sep
09
Jan
10
May
10
Sep
10
Jan
11
Pri
ces
in U
SD
/to
nn
e
Avg Oceania SMP quotation
Avg EU SMP internal Price
Avg US SMP quotation
Source: MS’ communications under regs. 562/2005 and 479/2010 & USDA market news
Market Situation, 7 April 2011 28
EU/US/Oceania Quotations of WMP
4 5004 480
4 160
1 000
1 500
2 000
2 500
3 000
3 500
4 000
4 500
5 000
5 500
6 000Ja
n 04
May
04
Sep
04
Jan
05
May
05
Sep
05
Jan
06
May
06
Sep
06
Jan
07
May
07
Sep
07
Jan
08
May
08
Sep
08
Jan
09
May
09
Sep
09
Jan
10
May
10
Sep
10
Jan
11
Pri
ces
in U
SD
/to
nn
e
Avg Oceania WMP quotation
Avg EU WMP internal Price
Avg US WMP quotation
Source: MS’ communications under regs. 562/2005 and 479/2010 & USDA market news
Market Situation, 7 April 2011 29
EU/US/Oceania Quotations of Cheddar
4 4004 290
3 560
1 000
1 500
2 000
2 500
3 000
3 500
4 000
4 500
5 000
5 500
6 000
Jan
04
May
04
Sep
04
Jan
05
May
05
Sep
05
Jan
06
May
06
Sep
06
Jan
07
May
07
Sep
07
Jan
08
May
08
Sep
08
Jan
09
May
09
Sep
09
Jan
10
May
10
Sep
10
Jan
11
Pri
ces
in U
SD
/to
nn
e
Avg OceaniaCheddar quotation
Avg EU Cheddar internal Price
Avg US Cheddar quotation
Source: MS’ communications under regs. 562/2005 and 479/2010 & USDA market news
Market Situation, 7 April 2011 30
2010 Dairy Imports into TUNISIA
Imports of cheese into Tunisia (Total : 2 049 tonnes)
United States49%
EU27 (External
Trade)24%
New Zealand23%
Argentina2%
other2%
Imports of SMP into Tunisia (Total : 2 974 tonnes)
other4%
Uruguay3%Argentina
10%
EU27 (External
Trade)83%
Imports of wheypowder into Tunisia (Total : 3 161 tonnes)
EU27 (External
Trade)96%
United States3%
Canada1%
Source : GTA (Global trade Atlas)
Market Situation, 7 April 2011 31
Evolution of Dairy IMPORTS into TUNISIA
1 257 1 169
171
2 2692 464
3 161
2 049
2 626
3 5413 103
4 906
2 974
0
1 000
2 000
3 000
4 000
5 000
6 000
2008 2009 2010
To
nn
es
.
butter and butteroil cheese SMP wheypowder
Source : GTA (Global trade Atlas)
Market Situation, 7 April 2011 32
2010 Dairy Imports into LIBYAImports of butter and butteroil into
Libya (Total : 2 326 tonnes)
New Zealand
55%
EU27 (External
Trade)34%
United Arab Emirates
7%
Yemen2% other
2%
Imports of cheese into Libya (Total : 12 424 tonnes)
EU27 (External
Trade)88%
United States
7%
Turkey2%
other3%
Imports of SMP into Libya (Total : 9 450 tonnes)
other8%
United States15%
New Zealand33%
EU27 (External
Trade)44%
Imports of WMP into Libya (Total : 13 235 tonnes)
EU27 (External
Trade)47%
New Zealand44%
Argentina9%
other0%
Source : GTA (Global trade Atlas)
Market Situation, 7 April 2011 33
Evolution of Dairy IMPORTS into LIBYA
2 3871 739
2 326
12 812
14 494
13 23512 424
9 5639 827
5 886 5 763
9 450
0
2 000
4 000
6 000
8 000
10 000
12 000
14 000
16 000
2008 2009 2010
To
nn
es
.
butter and butteroil cheese SMP WMP
Source : GTA (Global trade Atlas)
Market Situation, 7 April 2011 34
U.S. milk production
6 200
6 400
6 600
6 800
7 000
7 200
7 400
7 600
7 800
8 000Ja
n
Feb
Mar
Apr
May Ju
n
Jul
Aug
Sep Oct
Nov
Dec
Cumul 2011 compared to 2010 : + 2.1%
in t
on
nes
.
2007 2008 2009 2010 2011
Source: USDA
Market Situation, 7 April 2011 35
Cumul 2010/11 compared to 2009/10 : - 0.1%
Australian milk production
500
600
700
800
900
1 000
1 100
1 200Ju
l
Au
g
Sep Oct
No
v
Dec
Jan
Feb
Mar
Ap
r
May
Jun
Cumul 2010/11 compared to 2009/10 : - 0.1%
in t
on
nes
.
2008/09 2009/10 2010/11
Source: Dairy Australia
Market Situation, 7 April 2011 36
Cumul 2010/11 compared to 2009/10 : + 1.2%
NZ milk production
0
500
1 000
1 500
2 000
2 500
3 000Ju
n
Jul
Au
g
Sep Oct
No
v
Dec
Jan
Feb
Mar
Ap
r
May
Cumul 2010/11 compared to 2009/10 : + 1.2%
in t
on
nes
.
2006/07 2007/08 2008/09 2009/10 2010/11
Source: DCANZ - Fonterra
Market Situation, 7 April 2011 37
Prices
in US$/t Jun-11 Jul-Sep 11 Oct-Dec 11Weighted
average price % changeAMF 5 958 6 115 5 914 5 985 -2.1%BMP no offer no offer no offerSMP 3 980 3 770 3 625 3 763 -1.4%WMP 3 984 3 916 3 800 3 878 -5.5%
05/04/2011 1 € = 1.4166 $ (ECB rate)
in €/t Jun-11 Jul-Sep 11 Oct-Dec 11Weighted
average priceAMF 4 206 4 316 4 175 4 225BMP #VALUE! #VALUE!SMP 2 810 2 661 2 559 2 656WMP 2 812 2 764 2 683 2 737
Quantities (maximum supply)in t Jun-11 Jul-Sep 11 Oct-Dec 11 Total Diff volumeAMF 1 275 600 600 2 475 - 50BMP 0 + 0SMP 500 1 000 850 2 350 - 500WMP 1 750 2 250 3 500 7 500 + 500
Source: http://www.globaldairytrade.info/
Results of the Fonterra Auction of 05.04.2011
Market Situation, 7 April 2011 38
Anhydrous Milk Fat
Source: graph based on information available on http://www.globaldairytrade.info/
AMF - offered quantities and weighted average price
0
1 000
2 000
3 000
4 000
5 000
6 000
7 000
3 N
ov 0
9
1 D
ec 0
9
5 Ja
n 10
2 Fe
b 10
2 M
ar 1
0
6 Ap
r 10
4 M
ay 1
0
1 Ju
n 10
6 Ju
l 10
3 Au
g 10
1 Se
p 10
15 S
ep 1
0
5 O
ct 1
0
19 O
ct 1
0
2 N
ov 1
0
16 N
ov 1
0
1 D
ec 1
0
15 D
ec 1
0
4 Ja
n 11
18 J
an 1
1
1 Fe
b 11
15 F
eb 1
1
1 M
ar 1
1
15 M
ar 1
1
5 Ap
r 11
in t
0
1 000
2 000
3 000
4 000
5 000
6 000
7 000
in U
S$
Contract 1 (month + 2) Contract 2 (3 months after month + 2) Contract 3 (3 months after month + 5) Weighted average price
Market Situation, 7 April 2011 39
Skimmed Milk Powder
Source: graph based on information available on http://www.globaldairytrade.info/
SMP - offered quantities and weighted average price
0
2 000
4 000
6 000
8 000
10 000
12 000
14 000
02-Mar-10
06-Apr-10
04-May-
10
01-Jun-10
06-Jul-10
03-Aug-10
01-Sep-10
15-Sep-10
05-Oct-10
19-Oct-10
02-Nov-10
16-Nov-10
01-Dec-10
15-Dec-10
04-Jan-11
18-Jan-11
01-Feb-11
15-Feb-11
01-Mar-11
15-Mar-11
05-Apr-11
in t
0
500
1 000
1 500
2 000
2 500
3 000
3 500
4 000
in U
S$
Contract 1 (month + 2) Contract 2 (3 months after month + 2) Contract 3 (3 months after month + 5) Weighted average price
Market Situation, 7 April 2011 40
Whole Milk Powder
Source: graph based on information available on http://www.globaldairytrade.info/
WMP - offered quantities and weighted average price
0
5 000
10 000
15 000
20 000
25 000
30 000
35 000
40 000
02-J
ul-0
805
-Aug
-08
02-S
ep-0
8
01-O
ct-0
804
-Nov
-08
02-D
ec-0
806
-Jan
-09
03-F
eb-0
9
03-M
ar-0
901
-Apr
-09
12-M
ay-0
9
02-J
un-0
901
-Jul
-09
04-A
ug-0
901
-Sep
-09
06-O
ct-0
9
07-O
ct-0
901
-Dec
-09
05-J
an-1
002
-Feb
-10
02-M
ar-1
0
06-A
pr-1
004
-May
-10
01-J
un-1
006
-Jul
-10
03-A
ug-1
0
01-S
ep-1
015
-Sep
-10
05-O
ct-1
019
-Oct
-10
02-N
ov-1
0
16-N
ov-1
001
-Dec
-10
15-D
ec-1
0
04-J
an-1
118
-Jan
-11
01-F
eb-1
115
-Feb
-11
01-M
ar-1
1
15-M
ar-1
105
-Apr
-11
in t
0
250
500
750
1 000
1 250
1 500
1 750
2 000
2 250
2 500
2 750
3 000
3 250
3 500
3 750
4 000
4 250
4 500
4 750
in U
S$
Contract 1 (month + 2) Contract 2 (3 months after month + 2) Contract 3 (3 months after month + 5) Weighted average price