This week’s milk powder markets are identical to the England:USA game in Qatar; a no score draw with little worthy of comment.
Both sweet whey and skim milk posted unchanged prices, but the underlying fundamentals remain weak. Off grades are still plentiful, but slightly less whey is being put on the market. Skim milk is easily available, but what is notable is the resistance of both processors and traders to take any more pain by discounting a market that buyers are expecting to collapse a deal further.
Fat filled product has eased minimally, but again there is no appetite to discount by the very few players that control the market.
Soya has had a firm week on beans and meal, sentiment driven by imagined demand from a further vaccine rollout in China, but both palm and soya oil have dipped in the last couple of days. Palm production has slowed, and exports from Indonesia have ticked upwards, but no signals have emerged of impending hikes in either market.
Sterling has bounced today on the back of cooling in both the Fed’s rate hike intentions and Eurozone inflation.
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 email@example.com