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12 October 2023: Déjà vu, all over again

The milk powder markets continue to beggar belief, being propelled ever higher again, whilst farm gate milk price plummets and everything else in the commodities basket that milk powders are even vaguely related to. But this is the way traders love it, arbitrage, as a flat market of supply and demand equilibrium takes them out of the chain.

Looking at the graphs, it looks like we’re back on the two year cycle, with no reason to be. Skim milk put on a staggering 4%, up €100, and sweet whey nearly 3%, up €20, now at €750, compared to the lows of August of €520, so pretty much 50% higher! And there’s still stacks of stock of both product, so it has to end in tears as buyer resistance starts to kick in and stocks will become burdensome again, but this will take months and cost end-users dearly whilst it plays out.

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


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