GlobalDairyTrade (they spell it that way) auction is on tonight, midday UK time.
It hasn't been too peachy recently:
Via ASB:
- expect whole milk powder prices to fall by around 1%
- futures pricing suggests WMP prices will post a small rise in the vicinity of 1%. However, futures pricing has been a poor predictor of auction results at recent auctions.
- strong NZ production has led prices lower … with little change in this influence, we expect prices to continue to trend lower at this auction
