As we slowly awake from the winter and the milk starts flowing on farms across Europe, it can only mean one thing - the flush is here. An annual occurrence, the flush is accompanied by a special set of circumstances this year, namely 350,000 tonnes of skimmed milk powder which has entered into intervention since July 2015.
We find ourselves sitting atop a protein mountain - not for the first time in history, and not on one as high as in the 1970s and 80s - but concurrently in an unusual situation. The divorce between fat and protein prices means that while the farm gate milk prices are currently quite respectable, we are about to have SMP enter into intervention again.
Speaking of divorce, the flush is also accompanied by a special set of political circumstances this year.Read more