Sweet whey powder is stable, with no sign of further increase, plentiful supply at the tail end of the Christmas cheese campaign is cancelled out by good demand, but stocks should weigh the market down in the new year. Famous last words!
The surprise is skim milk powder. Still 190k tonnes in intervention, 26k tonnes sold out last week, and yet the market rises! As Sylvain at Lacto Production says, 'Traders do their job'.
As stocks are still best described as burdensome, surely the SMP market has to dip in the new year?