EU Intervention Stocks

Published 12 November 18

Intervention

Due to the high stock levels, the Commission implemented a temporary change to the fixed buying-in price for SMP, reducing it to zero for the 2018 window (1 March - 30 September). The effect of this change is it allowed the Commission to limit (or avoid) any further stock accumulation. 

Typically, the Intervention scheme allows the European Commission to buy in 60,000 tonnes of butter and 109,000 tonnes of SMP between 1 March and 30 September each year, at set prices of €2,217/tonne and €1,698/tonne respectively.

 

SMP offered into public intervention (tonnes)*

cumulative total

  UK EU
2015 total 1,048

40,280

2016 total
(fixed price and tender)
5,270  334,551
2017 total  1,818

30,647

CURRENT STOCKS
(to end Oct-18)
7,732 252,573

 *Totals may not match MMO figures due to rounding. Please note these figures are subject to revisions. Source: MMO

Intervention Sales

The European Commission began to offer SMP intervention stock up for sale from December 2016, via a tendering process.

At the most recent tender on 6 November, offers were made for the purchase of 62,887 tonnes. At the minimum sale price of €1,251/tonne set by the Commission, a total of 30,608 tonnes were sold. The Commission currently include all stocks that had entered into public storage up to 1 August 2016. The total volumes available for the 20 November tender is estimated at 130,431 tonnes.

 Tender date  Volume sold (tonnes) Price (€/tonne) Volume available for next tender (tonnes)
21-Mar-17 0 - 21,740
18-Apr-17 0 - 21,740
16-May-17 0 - 21,740
20-Jun-17 100 1,850 21,640
18-Jul-17 0 - 21,640
19-Sep-17 0 - 21,640
17-Oct-17 40 1,441 21,600
21-Nov-17 40 1,390 21,560
11-Dec-17 0 - 21,560
15-Jan-18 1,564 1,190

99,416

20-Feb-18 4,337 1,100

95,079

20-Mar-18 4,127 1,050

90,952

17-Apr-18 24,066 1,051

115,112

15-May-18 41,958 1,155

144,847

19-Jun-18 23,532 1,195

121,315

17-Jul-18 2,408 1,125

118,907

18-Aug-18 31,493 1,230

154,797

18-Sep-18 8,983 1,230

145,814

16-Oct-18 26,033 1,231

151,126

06-Nov-18

30,068 1,251

130,431

Source: MMO

*Totals may not match MMO figures due to rounding. Please note these figures are subject to revisions.

PSA

PSA is currently closed, with stocks of all products at zero