GlobalDairyTrade (GDT) auction begins at midday in London, the results will come out in the hours following.
Dairy is a huge NZ export, traders watch the results of this auction, which is held once a fortnight (approximately).
Recently:
What to expect today via ASB:
- We expect whole milk powder (WMP) prices to lift 2.0% at the GlobalDairyTrade auction overnight Tuesday. A fortnight ago WMP prices firmed 1.7%, recovering some of the lost ground from the prior auction.
- NZ and global production growth is soft and this is likely to continue to support dairy prices.
