GlobalDairyTrade (GDT) auction begins at midday in London today, with the results coming out in the hours following.
Recent results:
For today's auction, outlook via New Zealand's ASB, in brief:
- expect whole milk powder prices to fall 1%
- futures pricing also points to a drop of around 1%
- So far, dairy prices posted modest falls against the context of the escalating US-China trade war. Indeed over coming months, we anticipate that the strength, or otherwise, of NZ spring production will have the largest influence on the direction of dairy auction prices.
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Stronger dairy prices are a positive inout for the NZ dollar.
