Well, that collapse didn’t last long, one week to be precise. Whey is unchanged at €800, and SMP a paltry €10 lower. No reliable intelligence as to why, no withdrawal of offers or signal of dwindling supply. The only news is that one of the few wheat gluten processors went on fire, knocking the factory out of production for four months, so expect a rally soon in that element of fat blends.

Soya has been on a bit of a rally, due to heavy Chinese purchases of US beans and the rain forecast for central Brazil not arriving, knocking a million tonnes off the 2024 crop estimate, and counting. Meal rallied the most, up another $20, but all three pits have come off the boil in the last couple of days. Palm likewise has rallied to two month highs, but is now subsiding slightly.

Plunging inflation figures have pressured both the dollar and the pound, despite the hawkish interest rate sentiments of both central banks.

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