GlobalDairyTrade (GDT) auction begins at midday in London, the results will come out in the hours following.
Recent results, the past couple of auction have been neither here nor there in the big scheme of things:
For tonight, (in brief summary) outlook via ASB:
- We expect whole milk powder prices to rise modestly
- We anticipate that the increase in the CNY against the USD since the last auction will support prices at this auction, albeit modestly.
- Note that Chinese buyers are the largest group participating on the platform and that auction prices are set in USD. Notably, fallout from the US-China trade war escalation has been relatively modest in global dairy markets so far.
