The slowdown in the economic growth of developing economies, although partially compensated by a recovery in developed countries, contributes to the general decline in commodity prices, including in oversupplied crude oil. Depreciation in some competing currencies limits the competitive advantage of the euro at 1.10 EUR/USD. In 2016, milk deliveries are expected to further increase in the EU and the US, thus weighing on prices. Despite good export prospects, intervention stocks of SMP could increase significantly. Cheese exports will continue performing well in 2016, but will not reach 2013 levels, when Russia was purchasing 30% of EU cheese exports.