According to the USDA, carryover stocks of WMP from 2014 are estimated at 300,000 tonnes, which represents almost 45% of Chinese imports of WMP in the previous year. This could mean that Chinese buyers may not choose to return to the market immediately. In addition a slowdown in China’s economy and surrounding uncertainty could also have an impact.
Meanwhile, Defra has revised their UK milk production figure for July upwards to 1,254m litres, 2.4% up on last year and the highest July production figure since deregulation in 1994. Production in August is provisionally put at 1,199m litres, 1.8% up on last year and another record high. If August is confirmed, UK production will have reached post-deregulation record highs in six out of the last seven months.
Source: FarmingLife