Downwards, despite some bullish factors. The fundamentals are unaltered, in that there is plentiful supply of whey from continued buoyant cheese production and skim from now abundant milk supply. However, the regenerated pig feed market in China that is driving the soya market through the roof is consuming large quantities of whey, and potentially slowing the decline in prices.

However, one factor that counters Chinese support is the weak US dollar, indicating that European whey markets could fall a deal further, as America may well dump excess whey now the S E Asia market has returned. Lacto Production have doubled their business for whey and milk replacers in S Korea, Thailand, Myanmar, Vietnam, Philippines and Japan so far this year, so the regeneration of the pig industry on top of robust demand for dairy could turn the milk powder markets round quite smartly.

Byproducts and co-products remain in short supply, as whey permeate is still in demand by edible markets, and whey protein concentrate remains unattractively dear.

It’s been quite a week for the Pound, and I won’t comment further than mentioning a headline I saw in the Ayrshire Daily News that neatly reprised their 2016 headline - ’South Ayrshire golf club owner loses 2020 presidential election’

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