Whilst stocks of sweet whey still seem abundant, up with lower prices long holders will not put. In other words, processors and traders alike have taken all the losses they’re prepared to, so will likely tough it out, pay the finance and rent, and sit on long books until the market rises high enough to get them out of jail. The question is, how long? There has been a palpable change in the mindset of sellers over the last week though, with quiet discounts under the market being withdrawn.

Whey posted unchanged again this week, whilst skim milk shed nigh on 2%, now below €2100. Looking at the graph below, skim is at three year lows, and hasn’t got much lower than this since the long march north that started after Intervention was emptied in 2018.

Drier weather in the Midwest has turned soya around a bit, but mostly meal is affected, up $20 or so, with soy oil about even over the week. Palm has followed suit, with fairly brisk exports to India, and also China promising to buy more.

BDC agri is the UK broker for Lacto Production milk and whey powder products.

For further information and prices, contact Greg Dunn on 01206 381521 or g.dunn@blackdiamondcommodities.com