EU sells just 4,000t of intervention milk powder stocks, out of 99,000t offered - sources
The European Commission is understood to have sold over 4,000t of skimmed milk powder from its intervention stocks in its latest tender.
EU sources have said that the Commission sold 4,337t of SMP out of intervention this morning with the minimum price accepted understood to be €1,100/t. This was down from €1,190 accepted in the previous tender.
It is understood the total volume available for sale was 99,116t.
There are now approximately 376,000t of skimmed milk powder in public intervention stocks, effectively overhanging the EU skimmed milk powder market.
The Department if Agriculture and Minister for Agriculture Michael Creed engaged at Council of Ministers meetings and directly with the Commission on recent measures to limit further stockpiling of skimmed milk powder in 2018 without due justification, including the Commission's proposal to reduce the fixed-price ceiling to zero.
Minsiter Creed said he strongly argued that this measure should be specified as for 2018 only to avoid setting a precedent for the longer term.
He said this point was accepted and agreed in the final version of the measure as adopted by the Council.
“I have clearly stated previously, at Council of Ministers meetings and elsewhere, that it is imperative that the Commission remains vigilant in monitoring the market and that it have contingencies in place in the event of market volatility re-emerging, particularly in relevant markets, particularly the raw milk, butter and skimmed milk powder markets.