This is a subscriber-only article
The Irish Farmers Journal understands that results of the latest sale to be published by the European Commission on Friday show just 2,408t of intervention SMP found a buyer this week.
This is 10 times less than the previous monthly sale on 19 June, when 23,532t were sold. In May, the volumes sold were much higher, just under 42,000t.
Offers rejected
Offers came in for 27,768t, showing a 100,000t drop in demand since May's record sale. Although European experts lowered the minimum price accepted to €1,125/t, most offers fell below this threshold and were rejected.
The minimum price was €1,195/t last month and €1,155 in May. This compares with a market price of €1,520/t for fresh SMP in Europe at the moment.
To date, the EU has sold just over 100,000t of the intervention stockpiles accumulated between 2015 and 2017, with 300,000t of SMP remaining in storage.
SHARING OPTIONS: