The market is drifting with no new nudges. Whey has eased €10-20 across Europe, and edible skim milk powder the same, but feed grade remains unchanged. What is concerning is the dearth of lactose and whey permeate, which are usually priced beneath whey and act as upward price controls, but with their lack of supply, whey could bounce, especially if engineered upwards by the middle market. As I oft repeat, a flat market is no use to a trader.

Sterling saw the depths of €1.09 and $1.22 yesterday, but Boris bleating his latest three word nemonic for the hard-of-remembering first-time Tory voter seems to have put a halt to the slide. Yesterday saw the unheralded passing of the deadline for Brexit extension, so it looks like a ten-to-midnight deal or no deal on New Year’s Eve.

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