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13 June 2024: Reached the top and had to stop?



Couldn’t resist referencing my favourite song from my favourite film, but after last week’s bullish feel, skim milk seems to have come off the boil, whilst sweet whey remains, you guessed, unchanged. 

 

Skim is actually posted down €20, but we didn’t get the offer, as the market is adamantly unchanged. Downgrades are still proudly offered at historically small discounts, but on the other hand although the Q2 Dutch production figures aren’t released, production is above the three year average. Balanced against this is demand, which is still increasing, with orders now out to three weeks production time even with a weekend shift being added, normally an autumn/winter necessity.

 

Sweet whey is interesting, despite the lack of change. Two strange factors; the lack of trader activity in the market and China is back in the market. Change is of course the lifeblood of the trader, as a flat market holds them out, but to see the market pretty much devoid of a middle market is unusual, unless they are quietly building stocks. China has sourced cheap whey from the USA, allegedly at $680, but we hear EU material has sold to Colombia at nigh on €900, which has traditionally sourced from the US, so as our colonial friends would say, ‘go figure?’ 

 

Sterling is worth a mention, as it has put on another cent over the week, not on poll readings but on UK wage growth putting the brakes on imminent interest rate cuts.


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



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