On 31^st March, the volume of SMP placed into public intervention reached 109,000 tonnes. Technically under the CMO Regulation, the volume of SMP placed into intervention above the 109,000 tonne threshold is no longer guaranteed the fixed price of €169.80/kg. A tendering procedure automatically takes effect once the 109,000 tonne threshold is reached.

Table 1 outlines the amount of SMP put into public intervention by Ireland. As of 31^st March, Ireland put 7,058 tonnes of SMP into intervention, approximately 6% of the EU total. Currently, there is no butter in intervention, however this may change as the year progresses.

Table 1

Despite the commitment by EU Farm Ministers on 14^th March to double the intervention threshold to 218,000 tonnes for SMP and 100,000 tonnes for butter, frustratingly the necessary implementing legislation was not in place before 31^st March when the SMP threshold was reached. As a result, a tendering procedure is in place with 19^th April being the deadline set for offering SMP into intervention. The tendering procedure will end once the legislation doubling the intervention volumes is enacted, which is expected before the end of April.

Eamonn Farrell

Agri Food Policy Executive