EU Intervention Stocks

Published 23 February 15

The European Commission re-opened Private Storage Aid (PSA) on 5 September 2014 in response to the threat of market disruption due to the loss of the Russian export market.

PSA is a payment made by the European Commission to processors in return for keeping products in storage and off the market for an agreed period of time. The scheme covers butter and SMP and had also been extended to cheese.

Since the scheme re-opened 41,434 tonnes of butter have been offered into the scheme, 841 tonnes from the UK. Offers of butter in the week beginning 9February totalled 4,265 tonnes. 

A total of 20,768 tonnes of SMP have been offered into PSA since the scheme opened. In the week beginning 9 February only 238 tonnes of SMP were offered all of which came from the Netherlands.

It has been announced that the window for placing stock into PSA will be extended from February to the end of September 2015.

PSA for cheese was repealed on 23 September due to a disproportionate surge in offers from cheese producing countries not traditionally exporting significant quantities of cheese to Russia. In the 18 days that the scheme was open 100,803 tonnes of cheese were offered. The majority of the offers came from Italy.

 

 

tonnes

   

 

Butter

SMP

week commencing

UK

EU

UK

EU

 08/12/2014

0

115

0

723 

15/12/2014

0

112

0

552 

 22/12/2014

 0 

652

0

967

 29/12/2014

0

837

0

0

 05/01/2015

0

2,542

0

0

 12/01/2015

0

1,813

0

628

 19/01/2015

0

1,293 

0

295 

 26/01/2015

0

 2,715

0

 1,000

 02/02/2015

0

6,411

0

1,266 

 09/02/2015

0

 4,265

0

238 

Cumulative Total

841

41,434

80

20,768

Source: MMO

Figures reflect quantities offered to PSA.

 PSA stocks

 

Cumulative Stock Levels

During December 859 tonnes of Butter and 882 tonnes of SMP was removed from PSA. In the UK 145 tonnes of butter was removed from Storage reducing the amount of UK Butter in the PSA scheme to 550 tonnes, 2.7% of the EU total stock at the end of December

 

PSA stock levels (tonnes)

Butter

SMP

month

UK

EU

UK

EU

September

587

12,061

0

6,281

October

739

18,835

80

13,060

November

695

19,567

0

13,878

December

550

20,471

0

16,003