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27 April 2023: I'm sorry, I haven't a clue ...

As long-suffering readers already know, the markets conspire to make an idiot of me within a week of publication. And so it goes this week, with sweet whey going down, as I said it couldn’t, and skim milk going up, as I said it wouldn’t! Even my friends at Lacto Production are at a loss to know what is driving it, but here goes anyway:

Whey is down a paltry €10, but still -1.5%, but skim milk at up €50 is 2.5% higher. This really does look like a false dawn, as crude oil has tumbled nearly 4% this week, and taken biofuel with it. Soybean Oil is down to 50 cents, best part of 10% over the week, and palm oil has really fallen out off bed, now below the previous low of October 2022, below 3500 ringitts, taking a bashing from crude oil, plus EU tightening deforestation legislation.

Still a hand-to-mouth buying signal, but keep a weather eye through May, Harold Macmillan's ‘Events, dear boy, events’ may flick the pinball of politics off the flipper of history.

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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