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20 August 2021: Bumping along the bottom, when we thought it was the top?

The sweet whey market has climbed again this week, only by €10, but definitely more buyers than sellers. The background markets, soy complex etc, are all rangebound so no outside influence, just the dynamics of demand building faster than supply feed through.

Taking a look at the long view, whey has peaked at exactly €1000 over the past decade, and bottomed out at €500, but the old world order has been shaken up by the stellar performance of proteins and oils over the past twelve months, so the rule book, if there was ever one, has seemingly been torn up.

Skim milk has put on another €20 this week, and coupled with weaker sterling has edged up CMRs. Liquid milk supply in Europe is still below target, so more upward pressure going into the autumn on an already expensive market is likely.

The long view on skim is interesting, as the peak price that the intervention sting ratcheted out of the market was €2500, and despite prices falling back through H1 2020, we’re already back up there again, with likely more to come.

Graphs courtesy of

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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