The auction begins at 1200 GMT
The previous auction saw a small drop in the overall index
Expectations for today (from futures/derivatives price movements) are for another small drop (circa down 2% in whole milk powder). Just a heads up, these have not been particularly reliable for expectations in past months.
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Dairy is a huge part of the NZ economy and exports, the result of this auction impact on Fonterra's milk price forecast and the NZD, hence the forex interest.
