Good morning, finally, the words you have been waiting seven months to hear - skim has stopped going up. At least in the French market, as I note it was up €10 for feed grade in the Netherlands, and a whopping €30 on food grade. However, the fundamental change is that in the last week, everyone and their auntie is now offering skim, so it is freely available, the opposite situation of the intervention sting, that saw just a few loads offered weekly to an incredulous market.
This situation has given the green light to whey to follow its own fundamentals and answer the huge hole left in its balance sheet, caused by exports to Asia biting the dust. Prices down between €10 and €20 across Europe this week.
Sterling might as well be suffering from African Swine Fever, as it remains in its sick bed, watching the Dirty Dozen scrambling unedifyingly to sit atop the Tory dungheap, with a feeling of déjà vu that we’ll see October 31st become the new March 29th, new leader, same old problem….