Sweet whey stands on unchanged, despite good stocks, with the only shortage being transport in the rush up to Christmas. It is reasonable to expect it to fall way when the January blues set in, and there aren’t any obvious pointers that could see it rise.
However, skim milk powder is still seeing a classic case of contra-trading, where everyone goes and sits on the same end of the see-saw and is surprised to see the other end go up. It remains firm, despite the sale of 20,000 tonnes of intervention stock last week, leaving 190,000 tonnes unsold, and the middle market that forced prices up would have us believe there’s a shortage…….
Currency? I’ve already lost one fortune second-guessing that beauty, so if I think that sterling will bounce the moment we see some prospect of parliament voting through an adapted backstop Brexit deal, you’re probably best advised to buy your forward sterling now……..