To date, the European Commission have released a total of 102,213 tonnes of SMP from public intervention.
During the period 2015-17, over 405,478 tonnes of powder entered intervention at the fixed price of €1698/tonne. As a result, over 300,000 tonnes of product remain in storage. The latest tender was held on 17th July, with 2,408 tonnes released at prices between €1125/tonne and €1200/tonne. The volume of product released is down on previous tenders with over 40,000 tonnes released in May.
The EU Council is currently considering a proposal to extend into 2019, the zero-ceiling set in 2018 for the buying in of SMP. Whilst the setting of a zero ceiling in 2018, resulting in an automatic tender process has helped to prevent extra stock entering intervention, there is a risk that intervention as a risk management tool may become downgraded in a similar way to private storage aid.
Agri Food Policy Executive
28 May 2021