Irish dairy processors offered another 626 tonnes of skimmed milk powder (SMP) into intervention for the first week of February, according to the latest data from the European Milk Market Observatory.
This latest quantity offered for intervention brings the total quantity of SMP put into intervention by Ireland, for the first five weeks of 2016, to almost 3,900 tonnes. Total SMP volumes sent for intervention by EU member states so far in 2016 have reached more than 29,800 tonnes.
Ireland has put the second-largest amount of SMP into intervention after Belgium (10,200 tonnes), or 13% of the total offered by EU member states.
European SMP prices are back almost 2% since the start of 2016 at €1,650/t. However, compared to this time last year, SMP prices are back almost 24%. European exports of SMP for the first 11 months of 2015 actually increased by 6% compared with 2014, according to Eurostat. The main markets for European SMP are Algeria, Egypt and China.
Source: FarmersJournall
