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14 March 2024: Groundhog Year?

They say markets never fall as fast as they rise, but this week’s exception is skimmed milk powder, down a whopping 5% (-€120), as the stockpile weighs more heavily on the market. Sweet whey isn’t far behind, down €20 at nigh on 3% lower. 


The theme of this week’s lecture is the re-run of Q1 2023, concisely shown in the two graphs below. I don’t suspect we will get into the silly season, approaching €500 for whey, but for now, further easing seems probable, unless outside markets or Far Eastern demand kicks in. 


Yet again, milk powders are contra-trading to the proteins market, which have rocketed to levels last seen at the end of last year, despite the bin-busting South American soya harvest. It has been led by USDA reducing the estimated crop size from unbelievably enormous to very, very, but veg oils have also supported by crude oil hitting $80/barrel due to various bullish factors, soya oil higher upwards of 10% and driving palm oil to levels not seen since Q1 last year, despite a plunge in exports.


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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