Not long ago, either, last trip around the sun (Happy Spring Equinox, by the way). Skim fell nearly 2% (-€40) and whey 3% (-€20).

As big a fight that the processors are talking, they’re having to take lower prices on both products to keep increasing milk supplies on the move, while off grades continue to weigh on the market. The only two things heading in the other direction are WPC 80 and hydrolysed gluten, as the fire-damaged factory has not reopened on schedule, so supply remains restricted and the few competitors continue to name their price. 

The soy complex continues to ignore its global fundamentals and firmed further in the last week. Crude oil remains firm above £80, and soya oil has risen 10% since ether beginning of the month. Palm however has faced its facts (increased production, lacklustre exports), coming off the boil since last week’s highs. 

Currency is worth a mention, with the dollar plunging on soft inflation and dovish comments from the Fed, whilst today’s BOE announcement is expected maintain interest rates, which has brought the pound up to €1.1720, but expect fireworks if the rate is cut by even a quarter per cent.

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