In 2017, 30,647 tonnes was sold into intervention at the fixed price with 11,085 tonnes bought in during the final seven day period from 25th September to October 1st.
Intervention allows the European Commission to buy up to 109,000 tonnes of SMP between 1 March and 30 September each year, at €1,698/tonne. The upper volume limit of 109,000 tonnes was extended due to exceptional circumstances in 2016.
A total of 8 countries availed of intervention in 2017 including Belgium, Germany, France, the Netherlands, Poland, UK, Latvia and Lithuania.
In summary, 40,280 tonnes was sold into intervention in 2015, a mammoth 334,551 tonnes in 2016 and a further 30,000 tonnes in 2017. The European Commission has held 12 tenders starting in December 2016 to release the stock build up with a mere 140 tonnes sold through this process to date.
The European Commission stated at the EMMO meeting held on 26th September that they cannot anticipate when the stocks will be released, and downplayed the impact on the market noting that SMP represents 6% of milk usage in the EU.
By Eamonn Farrell
Agri Food Policy Executive
17 Jan 2018
17 Jan 2018