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25 April 2024: Flat calm



Another short report this week, whey unchanged, skim up an imperceptible €10. Only hydrolysed gluten supply has gone critical recently, but all milk powders are in balance. The balance is significant, as off take has continued to be brisk, as is the supply of spring milk. 

 

I’ve already used the Groundhog Year soubriquet recently, but these charts certainly show the almost identical factors in play, this year over last. The question is, how much of both skim and whey is stockpiling through the milk glut?







Soya oil is broadly unchanged this week, up slightly, but palm oil has crashed by 15% during April so far. The biofuel influence isn’t bearish, as although crude oil has dropped well below the recent $90 a barrel, the Iran/Israel crisis never really got factored in to biofuel.

 

Sterling has recovered a little from the bashing the markets gave the bearish interest rate signals coming from the BoE, but generally feels uncomfortable above €1.17 or $1.25.


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



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