A year ago, COVID-19 was beginning to grip global markets. As much of the world went into lockdown, oil markets were first to react. This week last year, oil recorded the largest one-day fall in over 30 years. Despite going to just over $30 a barrel, the weeks ahead would see further downward pressure.
With the foodservice market boarded up overnight, dairy markets shuddered. Within days, pictures of US farmers emptying tankers of fresh milk on to farmland emerged. In Europe, there were calls for the European Commission to stand ready with market support measures such as an Aid to Private Storage (APS) scheme.