We'll lead with whey this week, as that's where all the action is. Cheese production is still going gangbusters, so plenty of whey, and whilst we know the extent of the downturn in Chinese demand, I learn that European veal production has slumped, with farmers seeking to raise the previously oversupplied market. Could be September that we see veal demand for whey kick in again, and a hike in whey prices (beloved of the traders, to whom a flat market is no market). But until then, it's open season, with whey down €20 in Netherlands and €10 in France, so further falls are probable in the short term, but as we all know to our collective expense, markets go up faster than they come down.

Skim, on the other hand, is at the other end of the seesaw, posting increases of up to €30 in edible and feed markets in Europe. However, it is freely available, and available under the radar at pretty much unchanged values, so Lacto do not see this as a genuine climbing market, in the short term, at least.

Currency plumbs new depths, matching the utterances of presidents and wannabe prime ministers, and as we waddle ever closer to the Halloween cliff edge, at least Brexiteering holidaymakers will start adjusting to our banana republic currency when they're getting parity with the pound:euro.

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