Traders have contrived to make me look an even bigger idiot and dropped the market a further €10 for whey powder and €20 for skim milk. I plead mitigation of a very thin holiday market, with virtually no activity, but more sellers than buyers.

What is confusing is that producers have capacity to store, and in a ’normal’ year with reduced milk production through the summer and the prospect of an autumn hike, producers usually pull up the drawbridge and empty everything into the silo, thus forcing the hike.

But I stress again that this is a market based on a handful of small spot trades, and if the middle market is short selling Q4, it is a very dangerous game.

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