Starting with skim milk this week, it’s an interesting market of equally opposing forces cancelling each other out. Sellers are adamant skim must rise, probably the traders who bought into the end of the big hike in prices, desperate to see a margin. Buyers are understandably standing out of the market, waiting for gravity to act on it, and buying very close hand-to-mouth material.
After Borisconi’s intervention in the whey market last week (another untruth in his leadership campaign, to go with Kippergate, this time bellowing we will have enough whey for our no-deal Brexit Mars bars, characteristically ignorant of our national balance sheet as net importers), the market continues to fall, but there are definite signs the brakes are starting to bite. Obviously, this slide has put buyers off, expecting the downward pressure to remain, but it wouldn’t surprise me to see to see prices make an upward turn, even if it is just a correction.
Currency is a funny old market. The pound slides nearly seven cents against the euro on the prospect of a Johnson victory, then promptly recovers a couple of cents when it happens, despite a fairly clueless cabinet selection. However, now Trump’s monkey is installed, the pound:dollar rate is pretty much unchanged, suggesting the money markets consider the ‘deal' will be great for America.