Market now in free fall, without a buyer in sight. Skim is down by an unusually large increment in a falling market, down €60 on feed and food grade, and whey by €30, whey falling nearly 4% to skim's 2.5%. The cause is the same as last week's official reason: the virus pandemic. But this old cynic believes it is buyer's revenge on the unbridled greed of the ex-intervention stock holders during the whole of 2019, and the middle market's delight in having short-sold the market. So, we are condemned to hand to mouth buying for the next period, until we see how things bottom out, and then, no doubt, the inexplicable bounce ...

Sterling has been unhinged by today's refusal of the third runway at Heathrow. It's odd how a leopard changes its spots. The former MP for Uxbridge famously threatened to lay down in front of the bulldozers to stop it, then suffered terrible amnesia and agreed the third runway was a thoroughly good idea, once he was Prime Minister ...

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