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15 December 2022: Things aren’t quite what they seem

The guitarists amongst you might admire the perfect F chord this musician is effecting (quite appropriate for what he allegedly said about business in June 2016), but playing the wrong side of the capo perhaps epitomises his style over substance.

And quite what has this to do with milk powder markets? Well, things aren’t quite what they seem there, either. Desperate long holders whose fingers were burnt months ago attempt to stabilise a market that still has the vacuum of muted demand. Opposing forces of a recent increase in spot demand and bean-counters wanting books square by year-end resulted in skim milk falling €70 (-2.5%) and sweet whey by €30 (-3.5%) over the past week.

The three legs of the soya complex have stayed rangebound this week, as has palm oil, so no pointers there, but now we have seen skim drop from the €4000 high in June to little more than €2500 in six months, one has to wonder if the hard landing isn’t approaching fast and might be followed by the traditional bull market in Q1.

We have seen a similar percentage taken out of sweet whey prices, peaking at €1450 in April to €850 today, so only just over the cost of production. But whey permeate is available at considerably below cost and still isn’t attracting more buying interest.

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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