Israel’s Agriculture Ministry are promoting a major dairy development project in Russia which involves a Russian wealth fund which has been sanctioned by the US and the EU. Russian Direct Investment Fund, which manages $10bn, was put under sanctions in 2014 by then president Barack Obama after Russia invaded Ukraine. Its steering committee includes some of the most powerful people in Russia, including central bank governor Elvira Nabiullina and Finance Minister Anton Siluanov. The fund more recently attracted attention after it was revealed that Erik Prince, the founder of Blackwater private security group and campaign adviser to US President Donald Trump, met with RDIF’s chief, Kirill Dmitriev, just before Trump’s January 2017 inauguration. The meeting with Dmitriev is being examined by US special counsel Robert Mueller.
The supply and demand of global dairy products is well balanced, claim Fonterra, in the latest update on world dairy markets. However, increased production out of Europe in the coming months may cause some price volatility, according to outgoing Fonterra CEO Theo Spierings. Speaking at the co-op’s half-year result announcement, Spierings said demand from China, Asia and Latin America was strong.
Arla are cutting their March milk price by 2.16p to 24.67p (for the DIN/AHDB standard litre). This is a cut of 5.12ppl so far this year—by far the biggest cut of any company so far this year, and places them bottom of the UK milk price league table by some way. First Milk are cutting all their pool prices by 1.25p for March, taking Haverfordwest to 26.91p, Mids & E. Wales to 26.82p, Cumbria to 26.79p and Scotland to 26.26p. Wyke Farms are cutting their March farmgate milk price by 1.5p to bring their price down to 28.52p.