Good morning, not much to say, other than skim milk continues its upward march, up another €30 over the week, making the rise a full €100 during April. This is no doubt the result of buyers not buying anything apart from spot requirements, and sellers quite happy to supply that demand, dribbling out small quantities at ever higher prices. It’s also worth remembering that SMP prices were just shy of €2k at the beginning of 2017, and we’re still €200k to leeward of that, so these levels are by no means unprecedented in recent terms.
The continued rise in skim could be a stronger influence on whey prices rising than the collapse in demand from Asia due to African swine fever, but ample supplies of cheaper whey permeate are keeping whey unchanged, this week, at least.
The pound has slid a cent or so on all fronts, with financial confidence slipping as the Tories, the former ‘business’ party, return to jockeying for leadership ambitions, enraged that their outgoing leader continues to engage with the opposition in putting the country’s interests before those of the party. Quote of the week must go to Nigel Farage - “It’s no more Mr Nice Guy!”