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30 May 2024: Milking it



Another €50 jump for skim milk this week, whilst sweet whey posts unchanged again. 

 

News from the buying side suggests that while certain national markets are dribbling out skim milk to maintain the hike, other central and outlying dairy markets are happy to release product to avoid overstocking. Although the Dutch numbers for April and May haven’t been released yet, the sharp upward trend in production in Q1 suggests stocks must be building, despite more brisk demand. 



Other markets are quiet, the soy complex is still ignoring what’s coming down the line and holding up on beans and meal, whilst soy oil remains stable. Palm oil is looking inwardly at its own fundamentals and surprisingly bullish, but always has to play second fiddle to soft oils, which don’t currently support further increases. 

 

Sterling is interesting, as it reacted positively to the prospect of a socialist landslide when the general election was announced last week, certainly not what used to happen in the olden days, but the three-term life cycle of the major parties  probably underpins the confidence in administration change. 


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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