Stockpiles mount With milk supplies across Europe at their seasonally highest level, butter and SMP have been pouring into intervention in volumes not seen for many years. In the three weeks to May 16, 21,00t of butter were offered across the EU, bringing the total so far this year to 85,000t. Nearly 8,200t of this was in the UK and total EU public stocks rose in May to 120,500 tonnes, the highest level since August 1994. With SMP, nearly 10,000t was intervened in the first half of May, bringing the total intervened since the system re-opened for this year on March 1 to 64,000t, 12,000t of this in the UK. Milk processors are hoping the seasonal decline in milk output, which normally starts across the EU this month, will relieve the pressure of excess supplies both of butter and SMP and that this will remove the need for any action which further weakens commercial market prices. {{CANNED GOODS }}

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