The scale of the surge in demand for milk powder can be seen in the steady fall in intervention stocks across Europe through the summer. From just over 44,000t in July, buffer stocks have plunged to barely half that figure, totalling 22,290t but with barely 16,000t available for possible sale. Intervention butter stocks have not enjoyed a similar bonanza ­ at 75,334t, stocks are more than twice the level of last year. The tide turned in August for PSA butter, with stocks now flowing out again. However, PSA has less to offer UK traders than their continental counterparts and the relatively small tonnages in the UK reflect this. {{PROVISIONS }}

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