Some 80,400t of skimmed milk powder (SMP) has been sold from intervention stocks in the latest tender held in Europe.

The product was sold at a minimum price of €1,554.90/t; an increase of approximately 7% in minimum price.

While this is sold at considerable discount, working out at about 19c/L in milk equivalent, the intervention sale price has been experiencing a welcome boost in recent weeks.

Of the product sold, some 13,125t was Irish stock – leaving just over 14,000t of Irish stock remaining in intervention.

Approximately 22,000t of SMP remains in intervention following strong sales in recent months – 380,000t of product has been sold out of intervention over the past 12 months.

2018 saw a strong finish to the year in the latter intervention auctions; a total of 60,537t of SMP was sold during the final tender of the year in December.

This is over double the amount of SMP sold at the previous tendering process, held in the third week of November, which saw 26,082t of product shifted at a price of €1,313.

It is also around double the amount sold at the start of November – some 30,067t at a price of €1,251.

Such numbers underline the strong start to the year made in the latest auction process.