What goes up must come down, we are told, but not how long it stays up. Well, it seems the graph has finally turned south. Feed grade skim milk powder and whey powder are both down €20 on the Dutch market over the last week, with facile comments somehow linking the drop to the virus pandemic, rather than unbridled profit-taking. I say unbridled as there is a wide range of prices between the strongest and weakest sellers, as there always is when a bull run stalls. It is worth noting, though, that skim and, more surprisingly, whey were €50 lower than today’s levels a month ago.

No tangible reasons have been given for the fall, leaving one with the maxim that there are currently more sellers than buyers. The feeling is palpable that the more aggressive traders are short-selling the forward market where they can find interest.

HS2 has put some sparkle back into Sterling, which is currently nudging up to €1.19 and $1.30. Surprising, really, given £105bn of magic money tree being thrown to northern working class Tory converts.

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