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Welcome to the BDC agri blog. Here you will find reports from some of the events we attend, as well as Greg's popular weekly view of the UK milk and whey powders market:

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"Many years ago, I got my first job in the dairy industry, as class milk monitor at Tollesbury Primary School.
I thought it was a job for life, but sadly Margaret Thatcher famously ‘snatched’ free school milk,
and the nation’s health has suffered since. Fifty-four years later, I am still musing on the dairy industry,
with an irreverent view of politics and currency ..." Greg Dunn

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    • May 21, 2021
    • 1 min read

21 May 2021: Still the market climbs. Alone.

Still the milk powder market climbs, but no one seems to have told it that the proteins markets has (hopefully) topped out.


As the whole soya complex has dipped, led mainly by soya meal being down $50 on old crop futures contracts, palm and coconut oil have carried on up on their own sweet way (sorry!) and milk powders with them. Whey posts another €10 higher and skim milk powder €20, but we’re back to the phoney famine again, with processors and particularly traders keen to supply any amount at the higher levels. But, the greed of the huge hike in milk powder prices has now seemingly run its course and demand is now scaling back significantly, which should undermine the bull market and cause a slide in the near future IF the soya complex does the same.


New crop soybeans (November contract) are $2 a bushel (call it 15%) cheaper than old crop, so favourable weather in the Midwest should pressure the whole complex lower, but not as quickly as to influence the milk powder markets externally. The buyers’ revolt that has started is more likely to pull the market lower. Farmers are switching increasingly to milk for calves (who’d have thought it?) and feed formulators are finding cheaper protein than whey powder so the supply:demand balance has palpably tipped.


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

    • May 13, 2021
    • 1 min read

13 May 2021: May remain Strong and Stable

The milk powder markets are taking a breather this week, Dutch whey prices are unchanged and skim milk powder has notionally decreased €10, but there is absolutely no evidence of that in the French markets.


A couple of salient points are that feed grades have disappeared from the market and that downgrade products (not meeting edible spec, protein, colour, burnt specks, etc) have entirely vanished, with only the cobweb-covered disasters from yesteryear being offered in hope of finally being offloaded. Another factor that has emerged is domestically produced UK whey powder has been sold significantly below the continental market, possibly due to export problems related to Brexit.


The message from Lacto Production is that a decrease is unlikely, but that the market may remain ’strong and stable’ for some time yet.


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

    • May 6, 2021
    • 1 min read

6 May 2021: The only way is up!

Seemingly so for milk powders again this week, as we see whey rise €10-20 and skim milk €30-40.


No real news to get stuck into, just that ease of supply has switched round and now it is harder to source skim and sweet whey has become slightly easier, if one pays up.


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

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